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The crisis surrounding NMC Health widened, as the struggling hospital operator rejected a call to be put into administration and United Arab Emirates’ banks disclosed more than $2 billion of exposure. The next chapter opens Thursday when a U.K. court is scheduled to hear Abu Dhabi Commercial Bank PJSC’s bid to place NMC into the hands of administrators. With a market value of $2.4 billion and total debt of $6.6 billion, NMC now faces an investigation by the U.K.’s Financial Conduct Authority.

Maybank Islamic’s move into branch banking in the Middle East aims to attract Gulf investors to Southeast Asia. The Malaysian bank opened its first overseas branch at Dubai International Financial Centre (DIFC) in February. Maybank Islamic deputy CEO Nor Shahrizan Sulaiman said the new Dubai branch would serve as a the bank’s gateway not just to the UAE but to the wider GCC. The bank pursues further growth in Singapore and Indonesia, which it sees as home markets outside of Malaysia. The international business expansion is not new, as it has always been one of the focus areas of Maybank Islamic from early on. Maybank Islamic was granted a full Islamic banking licence from the Dubai Financial Services Authority last July, allowing it to open the DIFC branch. It replaces Maybank Islamic’s office in Bahrain, which has closed down.

National Takaful Company Watania has announced positive financial results in 2019, as the company's net profit increased to 13.1 million UAE dirhams, compared to 9.4 million dirhams in 2018. The company launched many new initiatives in 2019 to boost its overall performance, most of these initiatives focused on enhancing the levels of customer service. A new digital platform was launched that allows one of the fastest quotations and policy issuance system for motor business in the UAE market. The Company was among the first ones in UAE to subscribe to Blockchain technology to manage the motor claims recovery process. Chairman Dr. Ali Saeed Bin Harmal Al Dhaheri is confident that once the corona crisis is over and businesses start to get back to normal, Watania will be in a good position to seize the advantage.

The Khalifa bin Zayed Al Nahyan Foundation received a AED1.2 million donation from Dubai Islamic Bank, to support its efforts to provide laptops to school and university students. The financial support comes as part of efforts to implement remote learning initiatives as part of UAE measures to prevent the spread of coronavirus, COVID-19. The foundation's director Mohammed Haji Al Khouri praised the bank’s donation as well as its timely response to the initiative. He stated that the foundation aims to strengthen its partnerships with government authorities, banks, companies, key sponsors and strategic partners to help mitigate the impact of the pandemic.

As the UAE is stepping up its fight against the new coronavirus (Covid-19), the Emirati business community is showing its solidarity and support. Abdul Rahim Al Zarooni, chairman of Zarooni Group, has allocated Dh10 million to support medical and preventive supplies in Dubai. Khalaf Al Habtoor, CEO of Al Habtoor Group, has donated 50 state-of-the-art ambulance vehicles and a medically-equipped building to be used for quarantine purposes. Al Futtaim Group has set up a fund of Dh100 million for retailers at its malls in Dubai. The fund will cover up to three months' rent relief for 'eligible' tenants, who run the risk of being caught in business disruption and slowdown. Another Emirati family business group has donated ambulances and medical equipment worth Dh12 million.

Easa Saleh Al Gurg Group has announced donations worth Dh13 million aimed at supporting the healthcare sector and schools in Dubai to support the country amidst the global coronavirus (Covid-19) outbreak. The Easa Saleh Al Gurg Group Charity Foundation announced a Dh3 million donation to support the UAE's distance learning initiative at public and non-profit schools in Dubai. The Group also donated Dh10 million to support the Dubai Health Authority's preventive measures against the novel coronavirus. Furthermore, Al Gurg Group has offered tenants of its residential buildings the option of postponing rent payment for three months.

Dubai Islamic Bank (DIB) announced that the Annual General Meeting has approved the bank’s 2019 financial statements and other tabled resolutions. For the year 2019, DIB reported a net profit of over Dh5.1 billion, the highest ever in its history. The shareholders also approved the dividend pay-out of 35 fils per share, increase in the foreign ownership limit in the bank’s share capital from 25% to 40% and the election of DIB Board of Directors. With the recent acquisition of Noor Bank, DIB is set to become one of the largest Islamic banks in the world, with total assets exceeding Dh275 billion ($75 billion).

In 2019, Emirates Islamic net income grew by 15% to stand at AED1.061 billion. Total profit rose by 8% to AED2.7 billion, and financing and investing receivables were at AED37.5 billion, climbed by 4% from end 2018. Customer deposits reached AED45.3 billion, which is a rise of 9% from end of 2018; recent and saving accounts balances show 63% of total customer deposits, as Emirates Islamic reported. Chairman Hesham Abdulla Al Qassim said the bank delivered strong results for the year, with net profit of AED1.061 billion, the highest ever in the bank's history.

Dubai Islamic Bank (DIB) received shareholder approval for the acquisition of unlisted Dubai-based Noor Bank. With the acquisition, DIB will become one of the largest Islamic banks in the world, with total assets worth 275 billion dirhams ($74.9 billion). Shareholders gave approval for the acquisition through an increase of DIB’s capital from 6.6 billion shares to 7.2 billion shares, with a share swap ratio of 1 new share in DIB for every 5.49 Noor Bank shares, translating into an issuance of about 651 million new DIB shares. The deal comes after a wave of mergers in the UAE’s banking sector on the back of tougher competition and regulation, coupled with a slowing economy and a slide in house prices.

Dubai Islamic Bank (DIB) has postponed a planned issuance of U.S. dollar-denominated sukuk due to market conditions resulting from the new coronavirus outbreak. DIB was planning to raise the financing on Feb. 26, but decided to wait for better market conditions. The potential deal received a good response from investors while it was being marketed, but volatility in the debt markets as the coronavirus outbreak intensifies would have increased the sukuk profit rate. All the Gulf countries except Saudi Arabia have reported cases of the new coronavirus, many in people who had been to Iran, where 54 people have died from the virus and 978 have been infected.

Gulf Islamic Investments (GII) has acquired a property in New York, which brings the firm’s US portfolio to more than $230 million. The property is an office building in White Plains, Westchester County, with a leasable area of 220,000 square feet, and is currently over 90% occupied by more than 30 tenants. It is also strategically located, as it’s close to the Federal, Supreme, District and Country courthouses in New York. According to CEO Pankaj Gupta, the global economy continues to signal a low-interest rate regime for the foreseeable future, hence, GII sees that such long income assets can deliver high single-digit returns. He added that GII was exploring such opportunities in Paris real estate market as well, with the view of taking advantage of the impact of Brexit.

Nasdaq Dubai welcomed the listing of a US$2 billion Sukuk by the Islamic Development Bank (IsDB). The sukuk was priced at a profit rate of 1.809 percent payable on semi-annual basis. This Sukuk makes IsDB the leading Sukuk issuer by total value on Nasdaq Dubai at $15.64 billion. The first of IsDB’s 12 current Sukuk listings on the exchange was a $1 billion instrument that listed in 2015. The other IsDB listings are three Sukuk of $1.5 billion each, a $1.3 billion Sukuk, four Sukuk of $1.25 billion each, a EUR650 million Sukuk and a EUR1.1 billion Sukuk.

The Know Your Customer or KYC blockchain consortium in Dubai is due to happen soon in the United Arab Emirates (UAE). Banks and financial authorities have come together to form a consortium that would be sharing the KYC information not just between the banking giants of the country but also the financial regulatory authority. KYC is among the most hated protocols in the cryptocurrency universe; given the fact that the very idea of KYC stands for everything against the cryptocurrency. Ironically enough, the KYC blockchain consortium in Dubai would be using the very technology that powers the cryptocurrency sphere to keep the user information. KYC information includes the identification of the user and other details that would allow the authorities to track the finances back to the user.

Abu Dhabi Islamic Bank (ADIB) is considering cutting jobs and closing branches as part of a series of cost-cutting measures. The cutbacks come as ADIB announced a growth of 4% in net profit for 2019 to AED2.6 billion while group net revenues increased by 2.5% to AED5.9 billion. Net profit margin was 4.25%, despite lower rates in the market, helped by the positive impact of the low cost of funds. The UAE economy is coming under pressure from regional geopolitical tensions and weak domestic demand, while business conditions worsened for the first time in over a decade. ADIB joins competitors such as First Abu Dhabi Bank (FAB) and Emirates NBD in cutting jobs.

Dubai Islamic Bank has hired regional and international banks to arrange a potential long five-year or seven-year dollar sukuk issuance. The bank hired Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, ICBC, KFH Capital, Sharjah Islamic Bank and Standard Chartered Bank to lead the potential Islamic bonds sale. They will arrange an investor call on Thursday and investor meetings in London on Tuesday.

The private Saudi art organisation Art Jameel has bought a vast collection of works by leading artists commissioned by the now defunct, Dubai-based private equity firm Abraaj. The collection had been planned to go on long-term loan to Art Jameel’s Dubai space, Jameel Arts Centre, before the financial company went bankrupt in 2018. It will now be managed as part of the Art Jameel Collection and part will be housed at the centre in Dubai. The 29 pieces, created over ten years from 2008 as part of the annual Abraaj Group Art Prize, are by artists from the Middle East, North Africa and South Asia including Kader Attia, Shezad Dawood, Rana Begum and Wael Shawky.

Dar Al Takaful executed a conditional offer letter to acquire 100% of shares of both Noor Takaful General and Noor Takaful Family. Completion of transaction is expected to take place in second quarter of 2020. After the transaction, Noor Takaful General and Noor Takaful Family will continue to conduct their business on an as is basis. Takaful policies underwritten by each of Noor Takaful Family and Noor Takaful General will remain unchanged and in full effect. Emirates NBD is acting as sole financial advisor on this transaction.

Maybank Islamic has officially opened its first overseas branch in Dubai International Financial Centre (DIFC). It offers wholesale banking services and facilities, with emphasis in corporate financing, treasury, and capital market and trade finance. According to Maybank Islamic’s CEO Datuk Mohamad Rafique Marican, the DIFC branch was a significant milestone for Maybank Islamic, as it not only marks its first overseas branch but also Malaysia’s first Islamic bank to have a presence outside local shores. The regional office is headed by its country manager Nik Joharris Nik Ahmad, who has over 20 years experience having worked in Kuwait, Bahrain and Saudi Arabia. Maybank Islamic offers a range of Islamic financial products and services across 354 Maybank touch points in Malaysia, as well as international operations in Indonesia, Singapore, Hong Kong, London, Labuan, and Dubai.

Dubai Islamic Bank (DIB) is planning more than 500 dismissals at newly acquired Noor Bank as part of cost cuts across both lenders. DIB, the largest Shari’ah compliant lender in the UAE, has more than 9,000 employees, while Noor Bank has between 1,200 and 1,400 full-time staff. DIB completed its acquisition of Shari’ah-compliant Noor Bank in January 2020 in a deal that will make DIB one of the world's largest Islamic banks, with total assets worth AED 275 billion ($75 billion). Job cuts will be on both sides but DIB is the buying side so job losses are expected to be more on Noor side.

Dubai Islamic Bank (DIB) has completed the acquisition of Noor Bank through a share swap deal. As part of the agreement, DIB has issued 651 million new shares to take its issued share capital to 7.2 billion shares. The new DIB shares have been listed and admitted to trading on the Dubai Financial Market. The GCC financial services industry is witnessing a wave of consolidation as banks seek ways to improve competitiveness. Earlier this week, the National Bank of Bahrain acquired a 78.8% stake in Bahrain Islamic Bank. Similarly, Alizz Islamic Bank’s Board of Directors approved a share swap ratio for the proposed merger with Oman Arab Bank.