Mena News

SABB launches new sharia-compliant inventory financing solution

Saudi British Bank (SABB) has completed its first sharia-compliant inventory finance transaction, as it works to further develop its offering for importers and re-exporters …

Mena / 30-03-22 / by Felix Thompson

UAE added to financial crime greylist, though officials cite “significant progress”

An influential international financial crime body has added the United Arab Emirates (UAE) to its greylist of high-risk jurisdictions, though the country’s authorities tout …

Mena / 09-03-22 / by John Basquill

Egypt’s central bank rules importers must use LCs

The Central Bank of Egypt (CBE) has said it will require importers to use letters of credit (LCs) rather than documentary collection when buying …

Mena / 02-03-22 / by Felix Thompson

US sanctions traders, ship managers over Houthi finance network

The US government has slapped sanctions on more than a dozen companies and people it claims are involved in a commodity trading scheme to …

Mena / 02-03-22 / by Jacob Atkins

UAE oil trader defrauded Mauritius bank out of US$21mn, court rules

A United Arab Emirates oil trading company committed fraud when it arranged for part of a trade finance facility extended by Mauritian bank SBM …

Mena / 12-01-22 / by Jacob Atkins

SABB rolls out new sharia-compliant SCF product

The Saudi British Bank (SABB) has completed its first sharia-compliant supply chain finance (SCF) transaction, as it works to boost support for clients sourcing …

Mena / 01-12-21 / by Felix Thompson

Abu Dhabi oil company secures loan with JBIC, commercial banks

The Japan Bank for International Co-operation (JBIC) has arranged a US$3bn loan in favour of Abu Dhabi’s state oil company, an exporter of crude …

Mena / 24-11-21 / by Jacob Atkins

Turkish exports hit new heights in record-breaking year

Turkey has recorded another record-breaking surge in exports amid reforms aimed at improving companies’ access to finance, prompting authorities to continue revising targets upwards. Data for …

Mena / 17-11-21 / by John Basquill

Etihad Credit Insurance to launch digital platform for exporters, signs up FAB

The UAE’s export credit agency, Etihad Credit Insurance (ECI), has launched a digital platform aimed at helping exporters secure trade and export finance from …

Mena / 17-11-21 / by Felix Thompson

Pakistan secures US$761mn in ITFC financing for imports

The Islamic Trade Finance Corporation (ITFC) has provided US$761.5mn in financing to the government of Pakistan for energy imports. State-owned firms Pakistan State Oil …

Mena / 17-11-21 / by Jacob Atkins