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VIENNA, The price of OPEC basket of thirteen crudes stood at $65.09 a barrel on Monday, 3rd May, compared with $65.42 the previous Friday, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Source: Emirates News Agency

DUBAI, Etihad Credit Insurance (ECI), the UAE Federal export credit company, and Emirates NBD have signed an agreement that will improve the liquidity of UAE exporters and businesses and enhance their global competitiveness.

The agreement follows the Memorandum of Understanding (MoU) signed in 2019 between Massimo Falcioni, CEO of Etihad Credit Insurance, and Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate & Institutional Banking, Emirates NBD. The partnership is in line with the UAE government’s ‘Make it in the Emirates’ initiative as it will boost the confidence of the financial sector to fund UAE companies towards their manufacturing, export and expansion goals.

Following their agreement, Emirates NBD can leverage ECI’s insurance policy to provide credit facilities to UAE businesses. The backing of a federal export credit such as ECI helps the bank reduce any risks that may be associated with credit facilities, while supporting UAE businesses’ cashflow and capabilities to seek or continue their global operations.

This alliance is a positive step for local businesses. Through this partnership with Emirates NBD, ECI can help UAE businesses in strengthening the reach of UAE products and exports internationally, which can lead to more avenues to promote the uniqueness and quality of locally manufactured goods, thereby enhancing their competitiveness in the global marketplace.

Underlining ECI’s commitment in supporting financial establishments in the UAE, Falcioni said, “We are very pleased to support the ‘Make it in the Emirates’ initiative, which aims to create a sense of pride in locally made products, through this strategic alliance with Emirates NBD. More than 80 per cent of world trade relies on trade finance, mostly of a short-term nature. We are delighted to offer the solutions we have developed for supporting banks’ factoring and supply financing activities, which can be leveraged effectively by the lenders, to offer innovative financial solutions to their clients, whether large companies or SMEs, thereby benefiting the local economy and supporting its continued development.”

Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate & Institutional Banking, Emirates NBD added, “Emirates NBD is delighted to join hands with ECI to support our nation’s businesses and enhance their competitive strengths. As the UAE looks to build ICV (in-country value), this is a critical time for local manufacturers and exporters looking to enhance their proposition on an international stage. As strategic contributors to the UAE economy, Emirates NBD’s partnership with ECI builds on our long-term commitment to deliver robust financing facilities and support to UAE businesses to boost their trade competitiveness and overall confidence.”

Source: Emirates News Agency

SHARJAH, The operating profits of Sharjah Islamic Bank (SIB) has increased before provisions amounting to AED 212.2 million in Q1 2021, compared to AED 167.2 million for the same period last year, with an increase of 26.9 percent.

According to the bank’s financial statement, net profit for the three months ended 31st March 2021 amounted to AED164.2 million, compared to AED153.7 million for the same period last year, despite provision increase of 254.6 percent as a result of the increase in net provisions for impairment, which amounted to AED 48.0 million, compared to AED13.5 million from the same period last year, an increase of AED34.5 million.

The balance sheet reflects the Bank’s total assets of AED54.9 billion at the end of March 2020, growing by 2.5 percent compared to AED53.6 billion at the end of 2020.

The SIB continued to diversify its financing facilities portfolio in different economic sectors following its prudent credit policy that takes into consideration the effects of the prevailing market volatility and instability in the global and regional capital market on banking operations. Financing facilities reached AED29.3 billion, at the same level at the yearend 31st December 2020.

SIB successfully attracted more deposits during the period as customer deposits increased by 5.6 percent to reach AED35.5 billion compared to AED33.6 billion on the yearend 31st December 2020.

Liquid assets stayed strong at AED12.8 billion or 23.3 percent of total assets at the end of March 2021.

On the expenses side, general and administrative expenses declined to AED131.4 million at the end of the 1st quarter of 2021 compared to AED135.0 million for the same period 2020, a decrease of AED 2.1 million or 1.5 percent, due to operational efficiencies achieved by the Bank.

Sharjah Islamic Bank has a strong capital base. Total shareholders’ equity at the end of March 2021 reached AED7.5 billion, representing 13.6 percent of the Bank’s total assets with a strong capital adequacy ratio of 21.51 percent according to Basel III requirements.

Source: Emirates News Agency