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Emirates NBD Launch a Social Network for UAE Entrepreneurs

| Banking, UAE Finance News |

emirates nbd

Emirates NBD, the UAE’s biggest bank has launched Rise, a facebook for the SME’s of the UAE. Vikas Thapar who heads up business banking for Emirates NBD said “We want to be a bank that’s a catalyst for fuelling the growth of the SME sector in the UAE,”

The launch of Rise comes off the back of a strong Q1 for the bank, it also follows on from recent reports which suggests start-ups in the Gulf are on the increase as cash rich venture capitalists flock to the region.

In addition to the social portal, Emirates NBD plans to boost funding for the currently underserved SME banking sector making access to credit much easier.

We see this as a great first step, we all know that residents in the UAE would sooner create a company than find a job but funding and credit are a huge issue. The SME sector is a large part of the GDP growth in the UAE but has been very much neglected by banks in the region compared to other countries.

The upcoming Credit Bureau may further help the small business owners as credit assessments level the finance playing field.

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Finally! UAE Central Bank ready to introduce Direct Debits

| Banking, UAE Finance News |

direct debits dubai

Every bank in the UAE is gearing up to offer direct debits which will allow customers to set up automated transfers for on-going payments such as car loans, mortgages, credit cards and personal finance.

The long overdue direct debit system will be a massive relief to those of us who find home admin a royal pain and would rather let the banks handle the payments. Direct debits should also spell the end of post dated cheques and maybe even lead to the decriminalisation of bouncing cheques.

Central Bank officials were quoted as saying “Given our focus as a regulator we believe it is necessary to have a prudent, stronger and stable economy. Our current intention is to establish a more convenient retail banking system that will create more stable and progressive economic development”

Although small scale trials are underway, it’s likely the banks will want the Credit Bureau up and running before going fully live with direct debits. It’s an exciting time for the UAE banking industry and the customers it serves.

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UAE Credit Score System to be in place by 2014

| Banking, UAE Finance News |

UAE Credit Score

The newly founded UAE Credit Bureau says it will start credit scoring trials in July 2013 but will aim to have a fully operational system in place by next year.

This will mean that banks will have an ongoing record of customers history with other banks which will be used to asses someone’s ‘credit worthiness’

So what does this actually mean in practical terms. You walk in to a UAE bank and apply for a personal loan, that bank will enter your personal information and retrieve a report on you and your previous dealings with UAE banks. Lets imagine the best possible score you can get is 100, but, if you have missed payments on your personal loan or credit card with a previous bank that will reduce your score. Your salary and the ratio of debt will also come into it.

The current system in Dubai treats everyone the same, regardless of your previous history so a formal credit score may mean that people with a high score will pay less for credit. One would like to think that banks are ready to offer benefits to those customers who can pay on time and be a good customer. The credit score will also limit the need for banks to price their banking products based on nationality which clearly offers no useful information about a person’s ability to repay debt.

I personally think it’s a good move, the banks need to move in this direct to avoid future issues with absconders and toxic debts. I’m also hopeful this will offer discount finance products to good customers and help reduce the debt available to those who can’t afford it which should help them manage their debt and finances.

What do you think about this move? Are you able to keep up with payments on your current finance?

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Noor Islamic Bank Challenge, $20,000

| Banking, UAE Finance News |

Noor Islamic Bank’s global ‘Shape Your Bank’ challenge,to come up with innovative ideas to shape the future of banking, has passed the half way stage, with entries coming in from all corners of the world.

As part of its ‘Bank of The Future’ initiative, Noor is offering a US $20,000 first prize for the best idea on how the banking experience can be improved. Ideas can be submitted, by logging on to the dedicated ‘Shape Your Bank’ website www.shapeyourbank.com or via Noor’s Facebook page https://www.facebook.com/NoorIslamicBank. The closing date for entries is October 31.

Hussain Al Qemzi, GCEO of Noor Investment Group and CEO, Noor Islamic Bank said: “We are delighted with the response we have received from across the globe. We believeour unique Shape Your Bank challenge will result in creative and innovative ways of banking which we can incorporate into our plans to develop products and services, in line with the needs of contemporary customers.”

At the recently concluded GITEX Technology Week, held in Dubai, Noor showcased its own vision of the Bank of the Future, a high-tech, interactive, concept bank that providedan immersive, 3D experience of how the future of banking could develop.Nooralso announced its augmented reality ‘Bank in Your Hand’ app thatwill give customers access to Noor’s complete range of products and services, from opening an account to executing banking transactions.

Since its launch in 2008 Noor has established itselfas a market leader in innovative digital banking services and products. Earlier this year Noor was the first Islamic bank to offer an internet bank account opening service. In addition Noor’swebsite provides a suite of online banking services. And, its sister company, NoorTakaful, was the first Takaful operator to offer online insurance services and products.

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Noor Islamic Bank Announce Augmented Reality Banking App

| Banking, UAE Finance News |

Bank in Your Hand app will give customers access to all Noor’s retail banking services and products on smartphones and tablets

Noor Islamic Bank (Noor) today announced its new augmented reality ‘Bank In Your Hand’ smartphone and tablet app, the first of its kind in the Middle East. Noor made the announcement at GITEX Technology Week, taking place in Dubai, where it is showcasing its vision of the Bank of the Future.

The Noor App, which will be available for download in November, will enable customers to access Noor’s full range of products and services, from opening an account to executing banking transactions, such as money transfers and utility bill payments. Noor is also seeking approval from the UAE Central Bank to enable customers to securely deposit cheques via the app, by scanning the cheque with their smartphone or tablet.

Hussain AlQemzi, GCEO of Noor Investment Group and CEO of Noor Islamic Bank said: “Next generation Noor customers will not want to visit a bank branch for their day-to-day banking needs. They will want access to banking services and products on their smartphones and tablets. The Noor App is a key part of our commitment to providing our customers with convenience banking, wherever and whenever they want it.

“Noor is known as a progressive, forward looking bank. Harnessing the latest technology for the benefit of our customers is part of our DNA. The Noor App is the latest in a long line of innovations we have introduced. And it won’t be the last. Noor is determined to be the leader in digital banking.”

Noor’s ‘Bank of the Future’ initiative is aimed at creating new, innovative, ways of banking and enhancing the banking experience.

Alongside the GITEX announcement of the Noor App, Noor is demonstrating its own futuristic vision of a ‘Bank of The Future’. The high-tech, interactive, concept bank provides a unique, immersive, 3D experience of how the future of banking could develop. It includes technology which is available today, but has yet to make inroads into banking. It also presents a future in which, for example, banks not only provide car loans, but make it possible for customers to select the make, model, colour and options of their car of choice, without visiting a car showroom.

To support the Bank of the Future initiative, Noor has also launched an online competition, ‘Shape Your Bank’, to crowd source ideas on the future of banks. A prize of US $ 20,000 will be awarded for the best idea on how the banking experience can be improved. Ideas can be submitted, by logging on to the dedicated ‘Shape Your Bank’ website www.shapeyourbank.com or via Noor’s Facebook page https://www.facebook.com/NoorIslamicBank  . The closing date for entries is October 31.

“This is the latest step in a journey that began even before we launched, when we held our first ‘Shape Your Bank’ campaign,’ Al Qemzi explained. “We listened then and we are still listening. The ideas we receive, through the latest ‘Shape Your Bank’ campaign, will guide the way we conduct our business in the future.”

Since its launch in 2008 Noor has established itself as a market leader in innovative banking services and products. Noor was the first UAE bank to open a 24/7 bank branch and earlier this year it was the first Islamic bank to provide an internet bank account opening service. In addition Noor’s website provides a suite of cutting edge online banking services. And, its insurance arm, Noor Takaful, was the first Takaful operator to offer online insurance services and products.

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Points aplenty with new credit card launched by Majd Al Futtaim

| Banking, Dubai Credit Cards, UAE Finance News |

Global payment giant visa has partnered with Majid Al Futtaim Finance to launch the new Najm Visa Platinum credit card in the UAE which will give residents the ability to take advantage of the premier ‘Premium Awards’ loyalty programme.

The programme offers new customers 36,000 points on joining and allows cardholders to collect and redeem points in real time against a range of travel rewards and benefits such as stays at more than 200,000 hotels across the globe and airline tickets with unlimited airport lounge access.

Customers can also enjoy a range of lifestyle and entertainment experiences, such as fine dining, memorable days out and leisure activities including balloon rides, desert safaris, discounted entrance at around 300 of the world’s best golf courses.
“Visa offers one of the most comprehensive sets of payment products and continues to innovate by enhancing its products, systems and services, and by bringing the benefits of digital currency to more people in more places,” commented Marcello Baricordi, general manager for Visa in the UAE.

“We are delighted to have partnered with Majid Al Futtaim Finance to create the exclusive new Najm Visa Platinum Credit Card and give Visa cardholders in the UAE an opportunity to reap amazing rewards whenever they use their credit card here or overseas.

Rasool Hujair, CEO of Majid Al Futtaim Finance added: “The Najm Visa Platinum Credit Card enables cardholders to enjoy the real and tangible benefits of luxury when travelling but also lifestyle privileges that make a real difference to their day-to-day lives.”

 

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NBAD tackles fraudsters with new ‘one time’ online password system

| Banking, UAE Finance News |

National Bank of Abu Dhabi (NBAD), has launched a security service that sends its customers a dynamic code by text message for every online purchase in a bid to ramp up fraud prevention – the first bank to do so in the UAE.

The new One Time Password (OTP) is in the form of a six digit code and is sent to the user’s registered mobile with the bank. This extra level of authentication will occur each time a customer makes an online purchase on a Visa or MasterCard verified website.

Cardholders who have an NBAD online account can also use their RSA Token – an electronic key which is used in addition to the password required for login.

“The National Bank of Abu Dhabi is the first bank to implement the dynamic one time password for online shopping and this reflects NBAD’s continuous endeavour to provide our credit cardholders the most advanced technology in offering convenience and security,” said Navneet Dave, Head of Cards at NBAD in the media.

“[This system] enhances NBAD security measures by moving to a dynamic password and adds convenience as cardholders would not be limited to remembering their security password every time they want to make an online purchase.”

The new OTP replaces the existing static secure code password which previously required an activation code as well.

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HSBC to Stop Offering Shariah Compliant Loans in UAE

| Banking, Home Loans in Dubai, UAE Finance News |

HSBC have today confirmed that they will cease to offer Shariah compliant financial products to consumers in the UAE, UK, Bahrain, Singapore, Bangladesh and Mauritius.

HSBC are one of the largest banks in the world but offering niche products to small markets is always going to be difficult.

HSBC will continue to offer Islamic finance around the world but really start to focus on places like Saudi and Malaysia.

To compare UAE personal loans click here.

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Credit card spending up 20% since 2011

| Banking, Dubai Credit Cards, UAE Finance News |

Retail in Dubai and Abu Dhabi is doing extremely well right now, tourism is on the up, there’s an air of confidence back in the UAE and that is reflected with increased spending, more specifically, spending on credit cards.

Farhad Irani, head of retail banking at Mashreq Bank has seen the average amount spent on credit cards rise by 20% since this time last year, this is only good news for banks in the region who are scrambling to make profit in a crowded and competitive market.

Local and international banks are fighting to win more business and that is great news for consumers who can pick and choose from any number of great offers with benefits ranging from Air Miles to Ipads. Personal loans and credit cards are very popular in Dubai where money buys everything and everything has an inflated price tag.

Despite the increase, banks are seeing more cautious and considered spending with UAE residents still scared from the 2009 economic downturn.

Compare the latest credit cards available.

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Home loans get cheaper

| Banking, Home Loans in Dubai, UAE Finance News |

Buying homes in UAE may just have gotten more easier.

Major banks in the emirates are competing to lure residents with rates as low as 4.99 per cent on mortgages and a high loan-to-value (LTV) ratio of up to 85 per cent.

The Sharjah headquartered United Arab Bank (UAB) recently offered the lowest finance rate in the UAE. The announcement came as demand for home financing has started to gain ground after more than two years.

UAB will start by offering an interest rate of 4.99 percent. Mortgages will be available to salaried and self employed UAE nationals as well as expatriates with conventional and Islamic financing options.

Since early this year several top banks have cut interest rates in a bid to outdo each other in the real estate mortgage loans.

Previously HSBC announced a revised mortgage lending rate of 5.49 per cent for UAE buyers looking to buy completed residential property. Similarly Standard Chartered has plans to bundle UAE mortgages with pre-approved personal loans of up to Dh250,000 and credit cards with no annual fees.

The Islamic lender Tamweel too came out with its aggressive offering rates of 4.99 per cent. Prior to that Abu Dhabi Finance, with its interest rate of 5.75 per cent, claimed to be offering the lowest rate among home finance lenders.

Story by: Newzglobe.com

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