
Dubai-listed Al Salam Bank's AT 1 issuance raises $450mln
The private placement drew substantial demand from investors in the region and overseas despite global market volatility, the company, which is dual-listed on the Bahrain Bourse and Dubai Financial Market (DFM), said on Tuesday.
'The overwhelming response to our USD 450 million AT1 capital issuance is a testament to Al Salam Bank's financial stability, market credibility and strategic direction,' said Rafik Nayed, Group CEO of Al Salam Bank and Managing Director of ASB Capital.
Al Salam's investment banking arm, ASB Capital was mandated to advise and structure the issuance.
The offering is part of the company's strategy to strengthen its capital base and support future growth plans. The company also looks to boost its position as a diversified financial group in the region.
Since 2020, Al Salam has consistently increased its total equity by more than 65%, according to Nayed.
(Writing by Cleofe Maceda; editing by Seban Scaria)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Khaleej Times
5 hours ago
- Khaleej Times
UAE: No more OTPs? Here's how banks will fight scams
One-time passwords or OTPs are now outdated in the face of the dramatic rise in sophisticated banking frauds, a Dubai-based cybersecurity expert told Khaleej Times, following news that UAE banks will gradually stop sending one-time passwords (OTPs) via SMS and email for digital transactions starting July 25. Instead of OTPs, banks will shift to authentication via mobile banking apps, using in-app confirmation features. Cybersecurity expert Rayad Kamal Ayub praised UAE banks and regulators for 'adopting groundbreaking authentication technologies to secure transactions, safeguard customer identities, and provide frictionless user experiences". 'The Central Bank of the UAE has taken decisive steps since 2024, spurred by persistent calls from industry leaders and media like Khaleej Times, to overhaul traditional authentication methods — especially OTPs — which have proven vulnerable to modern hacking techniques,' he added. Rayad, who is also managing director of UAE-based Rayad Group, also shared emerging authentication technologies, and how each type encounters fraud risks and redefines customer trust in the UAE banking sector. 1. Passkeys & FIDO2 authentication 'The era of easily compromised passwords is drawing to a close', noted Rayad. Passkeys, built on the FIDO2 (Fast IDentity Online 2) standards, enable password-less authentication by leveraging cryptographic keys stored directly on a user's device. When combined with biometric sensors — like face ID, touch ID, or Android's equivalent — passkeys offer a seamless, one-touch login experience. Key features: - Passwordless, leveraging asymmetric cryptography for security - Biometric integration (facial recognition, fingerprints) for effortless access - Resistant to phishing attacks, SIM swaps, and credential stuffing that are frequently used by scammers Rayad said UAE banks are piloting passkey-based logins to replace or augment OTPs, drastically reducing the risk of interception or duplication. 'Because of this, customers benefit from smoother, faster access to services, while institutions see a drop in account takeover attempts. 2. Decentralised Identity (DID) Traditional identity systems often rely on central databases, making them lucrative targets for cybercriminals. Decentralised Identity (DID) puts control back in the hands of users through cryptographically verifiable credentials stored on personal devices or digital wallets. Key features: - User-controlled digital identity, minimising reliance on central authorities - Secure onboarding and KYC (Know Your Customer) processes without exposing data to a single point of failure - Backed by global initiatives such as the EU Digital Identity Wallet, which influence regulatory direction in the UAE Rayad noted DID not only enhances privacy but also boosts resistance to large-scale data breaches. Several banks and fintech startups abroad are exploring DID frameworks, enabling customers to share only necessary fragments of their identity for transactions or onboarding. 3. Behavioural biometrics This works unlike traditional biometrics that use fingerprint and facial recognition. Behavioural biometrics authenticate users based on how they interact with their devices — such as typing rhythm, swipe patterns, mouse movements, and device handling. This continuous, invisible layer of authentication operates in the background, constantly monitoring unusual behaviour. Key features: - Continuous authentication — no need for repeated logins - Detects subtle deviations from a user's normal behavior, flagging potential fraud instantly - Non-intrusive, preserving the seamless user experience Some banks are integrating behavioural biometrics into their mobile apps and online banking portals. Technology can detect when an account is being accessed by someone other than the legitimate user, even if the correct credentials are provided, offering an early warning against fraud, explained Rayad. 4. Post-quantum cryptography (PQC) Rapid advances in quantum computing threaten to render existing cryptographic algorithms obsolete. PQC proactively arms banks against this looming risk by employing new algorithms designed to withstand quantum attacks. Key features: - Uses quantum-resistant algorithms for data protection and authentication - Recommended by leading authorities such as NIST (National Institute of Standards and Technology) - Ensures future proofing of banking systems as quantum capabilities mature Forward-thinking UAE banks are beginning to test PQC solutions, especially for securing high-value transactions, internal communications, and sensitive customer data. Early adoption ensures readiness for the quantum era and demonstrates industry leadership in digital security. 5. Hardware authenticators There are physical security keys, such as YubiKeys, that provide an extra layer of defence by requiring users to possess a tangible device for authentication. Unlike SMS codes or app-based OTPs, hardware authenticators are immune to malware, phishing, and remote access threats. Key features: - Possession-based multi-factor authentication (MFA) - No reliance on mobile networks or internet connectivity for validation - Highly secure against malware-infected devices, phishing, and unauthorised remote access Rayad said wealthy individuals and corporate clients are adopting hardware authenticators to safeguard access to sensitive accounts. Some banks now offer security key support for executive and VIP accounts, acknowledging the growing sophistication of targeted attacks. 6. AI-powered deepfake detection As facial and voice authentication gain popularity, so do threats from deepfakes—artificially generated images, videos, or audio designed to impersonate legitimate users. AI-driven deepfake detection tools analyse nuanced characteristics, such as liveness, temperature, and micro-expressions, to distinguish between real and forged identities. Key features: - Liveness detection using AI to confirm presence of a real human - Infrared scanning and micro-expression analysis for enhanced accuracy - Protection against spoofing attacks targeting facial and voice biometrics banks are already implementing liveness tests and deepfake detection on their mobile apps and at ATMs. These measures ensure that innovative authentication methods remain robust against emerging threats and reassure customers about the safety of biometric logins. 7. Cloud-based identity platforms Managing authentication infrastructure in-house is costly and complex. Cloud-based identity platforms—often delivered as Identity-as-a-Service (IDaaS)—allow banks to deploy advanced authentication solutions that scale with demand while staying compliant with evolving regulations. Key features: - Centralised identity management for all digital channels - Scalable and cost-effective compared to traditional on-premises solutions Rayad observed some UAE banks are migrating to cloud identity platforms to streamline onboarding, authentication, and authorisation across mobile, web, and branch channels. This not only enhances security but also delivers a unified, frictionless customer experience. More secure digital banking future Rayad reiterated as fraudsters evolve, so must the technology that protects the financial ecosystem. By moving beyond vulnerable legacy systems like OTPs and embracing tools such as passkeys, decentralised identities, behavioural biometrics, post-quantum cryptography, hardware authenticators, AI-powered deepfake detection, and cloud-based identity platforms, UAE banks are building resilient defenses against fraud while unlocking seamless, user-friendly digital experiences. 'The UAE's commitment to innovation not only safeguards customers but also strengthens the country's reputation as a global leader in digital finance. The rapid pace of adoption today points toward a future where security, convenience, and privacy coexist — delivering banking experiences that are as secure as they are effortless,' he concluded.


Hi Dubai
6 hours ago
- Hi Dubai
Emirates Named 'Best Long-Haul Airline' at Telegraph Travel Awards 2025
Emirates has been named the 'Best Long-Haul Airline' at the Telegraph Travel Awards 2025, reaffirming its status as one of the world's most preferred international carriers. The award, voted by 20,000 Telegraph Travel readers, highlights the airline's consistent excellence in long-haul travel experiences. The award was accepted on behalf of Emirates by Helen Breen, Leisure Sales Manager in the UK, at a ceremony held recently in London. This marks another milestone in the airline's growing list of global recognitions. The Dubai-based airline has now received this prestigious accolade twice in three years, having also secured the same title in 2023. The latest win reflects Emirates' continued commitment to passenger satisfaction, innovation, and premium service across its global network. Adding to its accolades, Emirates was recently named '2025's Most Recommended Global Brand' by YouGov, making it the only airline to appear in the global top 10 list. The ranking reflects strong brand loyalty and customer endorsement across international markets. In 2024, Emirates earned the title of 'World's Best Airline', ranking first among 90 global carriers in a comprehensive consumer study. The ranking considered more than 30 key criteria, including punctuality, baggage allowance, fleet age, route network, in-flight dining, and rewards programme value. With its flagship A380s, world-class lounges, multilingual crew, and award-winning entertainment system, Emirates continues to set global standards in aviation, solidifying its reputation as a leader in long-haul travel. News Source: Emirates News Agency


The National
17 hours ago
- The National
UAE has hosted more than 17,600 Afghan evacuees since 2021
Almost four years since the Taliban took power following the US withdrawal from Afghanistan, UAE authorities have provided details of how many Afghans it has hosted. The UAE has spent almost Dh1.35 billion ($367.6 million) hosting Afghan refugees before relocating them to other countries since 2021, the Ministry of Foreign Affairs said in a statement. There have been 17,619 Afghans hosted in Emirates Humanitarian City in Abu Dhabi since there were widespread evacuations after the Taliban seized power in Afghanistan, two decades after they were toppled by the US and Nato. The assistance covered all the needs of Afghan citizens − including health care, logistical and diplomatic services, communications, shelter and food − ensuring comfort, a dignified life and well-being, said a statement from the ministry released on Thursday. EHC also provided services related to departure procedures, with 17 offices opened for the embassies of the countries to where Afghans were seeking relocation. School transport was also provided, along with on-site education and training courses. Almost 2,600 Afghans benefitted from training and professional development workshops, the ministry added. 'The UAE has spared no effort in assisting the Afghan people, being at the forefront of countries that have initiated support for Afghanistan,' said the ministry. 'This reflects its humanitarian mission, which is based on the values of giving, charitable work, spreading peace and consolidating coexistence, tolerance, and the principles of human fraternity. 'It also promotes solidarity with peoples during the most difficult circumstances and crises facing countries. 'The focus on caring for people and preserving their dignity has been a constant approach in the UAE's journey since its founding, regardless of ethnic, religious, or geographical backgrounds and in line with its noble humanitarian principles. It has become a global symbol of humanitarian giving and sustainable good.' A US news outlet reported earlier this month that the UAE was preparing to send a small number of evacuees back to Afghanistan in July.