CBB launches the Bahrain Open Banking Framework

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The Central Bank of Bahrain (“CBB”) launched the Bahrain Open Banking Framework (Bahrain OBF) to ensure holistic implementation of Open Banking services by the industry. This framework includes detailed operational guidelines, security standards and guidelines, customer experience guidelines, technical open Application Programming Interface (API) specifications and the overall governance framework needed to protect customer data. These standards follow the comprehensive rules on Open Banking which were previously issued in December 2018.

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Alba’s H1 net income surges 111pc to $115 million

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Aluminum Bahrain (Alba) has posted a net income of BD43.3 million ($115.2 million) for the first half of 2017 versus BD20.5 million ($54.5 million) for the same period in 2016, marking an increase of 111 per cent.

Alba H1 Report

Emirates Islamic reports a net profit of AED387 million for the first half

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On the back of an improved overall performance and increased customer deposits, the Bank announced strong results for the first half of 2017, declaring a net profit of AED 387 million.

Emirates Islamic financial results

Kuwait Finance House studying merger with Ahli United Bank

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Kuwait Finance House (KFH) is looking to merge with Bahrain’s Ahli United Bank, Kuwait’s biggest Islamic lender said in a statement, confirming an earlier media report.

Kuwait Finance House studying merger with Ahli United Bank

Qatar Islamic Bank hit by deposit outflow, while profit rises

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Qatar Islamic Bank (QIB) was hit by a 6.9 billion riyals ($1.9 billion) deposit outflow in the second quarter, which analysts said could be linked to Qatar’s rift with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.

Qatar Islamic Bank hit by deposit outflow, while profit rises

Fitch upgrades GFH rating

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GFH Financial Group (GFH) announced that Fitch Ratings, the international credit rating agency, has upgraded its long-term Issuer default rating (IDR) from ‘B-‘ to ‘B’ with a positive outlook.

Fitch upgrades GFH Rating

Pakistan sets rules for banks wanting to be fully Shari’ah compliant

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Pakistan’s central bank has issued guidelines covering how banks that want to be fully-fledged sharia compliant can achieve that status, setting a three-year time frame for applicants to complete the process.

Pakistan sets rules for banks wanting to be fully Shari’ah compliant