The profitability of Gulf Islamic banks will deteriorate this year and in 2018 with several factors coming into play, S&P Global Ratings said in its report.

“We expect the slowdown at Islamic banks in the GCC will persist in 2017 after asset growth declined to 5.3 percent in 2016 from 10.7 percent in 2014 … We see banks becoming more cautious and selective in their lending activities, triggering stiffer competition,” S&P said.

The increased cost of funding, the ratings"...

(AETOS Wire)-- In light of recent news regarding the New York branch of Habib Bank Limited (HBL), Habib Bank AG Zurich wishes to clarify that it has no legal or beneficial, direct or indirect affiliation, or shared ownership in HBL, a Pakistan-based financial institution.

Habib Bank AG Zurich was established in 1967 in Switzerland and operates in various global locations through branches and subsidiaries."...

TSYS, a leading global payments solutions provider, has signed a software licensing and services agreement with Mashreq Bank, a leading financial institution in the UAE.

TSYS will provide Mashreq with its core Prime Issuer and Acquirer payments platform — and surrounding modules and services — to enhance the bank’s customer-centric experiences for its cardholders and merchants, said a statement.

Mashreq"...

The Mercedes-Benz Finance label programme products are structured through the Shari'ah principles of Murabahah & Musawamah and going forward customers will be able to avail specially designed finance packages, on new or used Mercedes Benz cars of their choice, in an Islamic Shari'ah compliant manner.

Customers will benefit from deposit assistance, deferred payments, attractive monthly instalments and the option of short tenure contracts"...