Consider Investing in Dubai – 2
By Saghir Aslam
(The following information is provided solely to educate the Muslim community about investing and financial planning. It is hoped that the Ummah will benefit from this effort through greater financial empowerment, enabling the community to live in security and dignity and fulfil their religious and moral obligations towards charitable activities)
Remember the Golden rules of investing you must do your own research. Do your homework thoroughly and completely for investing.
Earlier in the year, the bank launched Live, UAE’s first digital bank targeted at millennials, centred on lifestyles and offering curated deals and experiences for its young customers. The new proposition has been well received with a new account opening ramping up rapidly to about 20 percent of total acquisition for the division.
The bank rolled out a paperless personal loan programme across branches and on tablets. It launched, for the first time, Al Etihad Credit Bureau credit score based loan approvals. Emirates NBD’s private banking continued to diversify its client base attracting additional assets under management from both existing and new clients resulting in consistent growth of core revenues. Wholesale banking delivered a solid set of financial results in the first with operating income of Dh2.417billion, up by eight percent compares with the corresponding period in 2016.Net profit of Dh1.684 billion in the first half 2016 due to the growth in operating income, partially offset by higher credit provisioning.
Damac, Amark launch Double Your Property
Dubai-based real estate developer has tied up with Islamic mortgage finance firm Amlak Finance to allow property developer’s existing customers to purchase a second property it’s completed and off plan portfolio with zero capital to be paid up front. Under the agreement, customers who own a fully paid up home from Damac are eligible to invest in a new villa or apartment from the developer and take advantage of a tailored scheme. Amlak Finance will offer a home finance will offer a home finance of 60% of the current market value of the existing property to pay towards the new property while remaining 40 percent will also be financed by Almak.” Almak’s Double your property product allows customers who have an existing property from Damac to acquire a new villa or apartment from our diverse portfolio in the UAE. Residents and non-residents can take advantage of this offer and enjoy long-term returns in addition- to the capital appreciation similar to prime international real estate markets”. The partnerships and the product launch would further increase investment in Dubai.
Bank of Baroda offers 3 Products as it celebrates 110th anniversary
Technology has become the biggest enabler in providing convenient banking at customer’s door step and Bank of Baroda is forging ahead with its latest innovative products as it celebrates 110th anniversary today. Bank of Baroda (BOB). Speaking on wider issues like economy boost and technology boom, Dudeja said the brand has been working to offer compliant and quality banking solutions.
How do you see the journey of Bank of Baroda since its inception in UAE?
Bank of Baroda has been a witness to the growth and success story of UAE. We started our UAE operations in 1974 and since then we have been catering to all segments of society from blue collared force to large corporates. Our motto is to provide services to customers through compliant and quality banking solutions. I am deeply contended with patronage and support bank receives from the visionary rulers of the country, regulators and our patrons.
Since Indians are amongst the highest number of expats in the UAE, how Bank of Baroda has been instrumental in expanding their interest?
We have been proudly shouldering all our banking as well as social responsibility towards the society. Be it innovative 24/7 remittance products, deposit products, salary loans, vehicle loans or any banking requirement , we feel our privilege to server all sections of the society. Indians feel at home when they visit our branches in UAE.
To be continued......
(Saghir A. Aslam only explains strategies and formulas that he has been using. He is merely providing information, and NO ADVICE is given. Mr Aslam does not endorse or recommend any broker, brokerage firm, or any investment at all, nor does he suggest that anyone will earn a profit when or if they purchase stocks, bonds or any other investments. All stocks or investment vehicles mentioned are for illustrative purposes only. Mr Aslam is not an attorney, accountant, real estate broker, stockbroker, investment advisor, or certified financial planner. Mr Aslam does not have anything for sale.