The Dubai Financial Services Authority (DFSA) has published its new financial technology (fintech) consultation paper. The paper is the third in a series, setting out the DFSA’s approach to the regulation of pioneering fintech activities. The paper sets out the DFSA’s approach to FinTech firms that want to test innovative products and services in the Dubai International Financial Centre (DIFC). Firms meeting the qualifying criteria will receive a Financial Services Licence, referred to as an Innovation Testing Licence. The testing phase is a step towards the FinTech firm obtaining a full Financial Services Licence.
A report titled 'Developments and opportunities in Islamic-themed television and online video content' identifies 188 Islamic-themed television and online channels globally. The report is produced by Thomson Reuters and Dubai Islamic Economy Development Centre (DIEDC) in partnership with DinarStandard. It identifies the main Islamic-themed broadcast media markets in the Organization of Islamic Cooperation (OIC) 57 member countries. OIC markets generated a total of $10 billion in advertising revenue during 2015. According to Abdulla Mohammed Al Awar, CEO of DIEDC, this report is proof of the sustainability of Islamic values that endure the test of time. Haroon Latif, director of Strategic Insights at DinarStandard, said that Muslim viewers were a key customer segment in the Culture and Recreation sectors. He added that there were significant untapped opportunities across genres in Islamic-themed media.
Kuwait’s Warba Bank achieved net profit of KD1.251 million ($4.12 million) in the third quarter (Q3) of the year compared to KD318,000 for the same period in 2014. The bank’s total assets grew by 34 per cent reaching KD682.760 million compared to KD507.140 million as on 30 September 2014.
The bank’s financing portfolio grew by 42 per cent reaching KD492.386 million by the end of the third quarter 2015 compared to KD346.747 million for the same period last year.
Emad Abdullah Al Thaqeb, chairman of Warba Bank, said: “Warba Bank’s strong performance continues to the third quarter with growth ascending trend reflecting the bank’s solid financial position, successful and flexible strategy that adapts to accelerating economic and legislative recent changes despite the ongoing political and security turbulences in the region.”