ADIB launches Sharia-compliant card

Islamic Bank (ADIB) has launched on Tuesday a new Sharia compliant covered card for small to medium-sized enterprises (SMEs). A covered card is the Sharia-compliant equivalent to credit card.

Gulf News

Abu Dhabi: Islamic Bank (ADIB) has launched on Tuesday a new Sharia compliant covered card for small to medium-sized enterprises (SMEs). A covered card is the Sharia-compliant equivalent to credit card.

Offered in Platinum and Gold versions, the Visa card, which is the first of its kind in the UAE, provides SME clients with a line of finance up to Dh250, 000.

The board of directors of Abu Dhabi Ship Building will meet on Wednesday at 6pm. The agenda of this meeting includes the discussion and approval of the financials for the first quarter in 2009.

United Insurance Company's Board meeting will be held at 6pm on Sunday, May 10, at Al Bustan Rotana Hotel in Dubai.

Ajman Bank informed the Dubai Financial Market (DFM) yesterday that its deputy chairman issued a managerial resolution to relieve Yousuf Saleh Khalaf from his position as Ajman Bank's chief executive with effect from April 30.

Bank Muscat held 2.67 per cent of equity capital of HDFC Bank at the beginning of the year, or 11,351,356 shares, out of which the bank sold 80 per cent - 9,081,085 shares - in the first quarter at an average price of around Rs 840. This resulted in RO 35.3 MN post-tax realised gains.

Yesterday, the share price of HDFC Bank shot up to Rs1,180 (Dh87.1) - a figure 40 per cent higher than the sale price. The incremental gain on the remaining 20 per cent stake, or 2,270,271 shares, had increased by roughly RO 5 MN since the last sale.

Qtel warned its customers about a fake lottery scam, where fraudsters try to convince people to purchase and send the details of prepaid Hala scratch cards on the pretext that they have won a major prize.

The con artists contact customers, either by phone or by SMS, to tell them they have won the grand prize in a major draw, and that - after providing 'verification details' - they will be eligible to collect their prize.

Kuwait Financial Centre 'Markaz', an investment banking and asset management company, announced the listing of Markaz Gulf Fund on the Bahrain Stock Exchange, following an agreement signed by Fouad Rashed, director on the bourse, and Manaf Al Hajeri, general manager of Markaz.

Markaz Gulf Fund seeks long term appreciation by investing principally in regional equity securities.

International Investment Group's General Assembly meeting will be held on May 20, at 10am at the Ministry of Trade and Industry, Kuwait.

Senior executives from Qatar Telecom QSC, have met with a delegation of leading technology companies from Ireland, led by the Tánaiste (Deputy Prime Minister) of Ireland, Mary Coughlan, to review potential areas of cooperation.

The visiting delegation was made up of Clare Dunne, assistant secretary- general in the Department of Enterprise; Tom Russell, Irish ambassador to the GCC; and Frank Ryan, chief executive of Enterprise Ireland.

Zain, the Kuwait-based phone company with units in 23 Middle Eastern and African nations, said first-quarter profit rose three per cent as customer numbers surged. Net income was 75.7 million dinars (Dh954.9 million), or 0.02 dinar a share, the company said today in an e-mailed statement.

Burgan Bank SAK, a Kuwaiti lender, completed its purchase of majority stakes in Algeria Gulf Bank and Bank of Baghdad from United Gulf Bank.

The transactions will take Burgan's total stake in Bank of Baghdad to 45.31 per cent and in Algeria Gulf Bank to 60 per cent, Burgan Bank and United Gulf Bank said.

- Compiled from staff and agency reports