Latest news with #MashreqBank
The National
17 hours ago
- Business
- The National
Dubai's biggest lender Emirates NBD to start charging for remittances
Emirates NBD, Dubai's biggest bank by assets, will start charging fees for international transfers made via its app or online banking from September 1. The bank will charge a fee of Dh26.25 for remittances, including those made through DirectRemit, it said in an email to customers. DirectRemit is a platform that allows customers to transfer money via online or mobile banking in 60 seconds to countries including India, Pakistan, Sri Lanka, Egypt, the Philippines and the UK. Emirates NBD will also charge a fee of up to Dh26.25 for recalling and cancelling local and international transfers, it said. The move by the lender may prompt other banks to start imposing fees on remittances and may be a boon for exchange houses who offer lower charges, an analyst said. 'Introducing a Dh26.25 fee from September 2025 marks a shift, and as the largest local bank sets the tone, it's possible others may follow,' Dhruv Tanna, associate vice president at DIFC-based investment and wealth management firm PhillipCapital, told The National. Some lenders such as RAK Bank already impose a fee for international transfers, charging Dh15.75 for the Philippines and Dh26.25 for India, according to its website. Mashreq bank has zero fees for Pakistan and India, but charges a flat fee of Dh26.25 for the Philippines, according to its website. Others such as FAB have zero transfer fees for instant transfers to countries including India, Pakistan, Philippines, Sri Lanka, the UK and the EU, according to its website. 'For exchange houses, this presents a renewed opportunity to attract price-sensitive customers with lower transfer fees and competitive rates. Still, many mid- to high-income customers may continue to choose banks for the convenience, even with a nominal charge,' Mr Tanna said. Based on World Bank data, remittances to low- and middle-income countries are expected grow by 2.3 per cent in 2024 and 2.8 per cent in 2025, reaching $690 billion in 2025. Remittances by expatriates in the UAE and wider region to their home countries are a major source of foreign currency inflows for those economies.
Arabian Post
3 days ago
- Business
- Arabian Post
UAE's Mashreq Bank Launches Office in Türkiye to Boost Capital Flow
Mashreq Bank has inaugurated a representative office in Türkiye, marking a significant stride toward enhancing financial collaboration between the Gulf and Turkish markets. This strategic move is central to Mashreq's initiative to channel risk capacity and capital flows directly to Turkish banks and corporates. Dubai's Mashreq is already a familiar correspondent to Turkish financial institutions, actively participating in syndicated loans, trade finance, payments, treasury services and capital markets. Now, with its local presence in Istanbul, the bank aims to deepen engagement, offering on-the-ground support to clients and bolstering access to global capital markets. Group Chief Executive Officer Ahmed Abdelaal underscored the office opening as a step into 'Türkiye's strategic location, dynamic economy, and strong trade and investment ties with the UAE'. He emphasised that the expansion was aligned with Mashreq's vision of building 'a truly global banking network that connects key economic corridors.' ADVERTISEMENT Mashreq has already established itself as a leading bookrunner for Turkish borrowers, playing a key role in structuring bond issuances for prominent Turkish banks. This activity highlights the bank's significance in supporting capital raising on behalf of Turkish clients. Operating across 14 countries and regulated by the Central Bank of the UAE, Mashreq has demonstrated robust international growth. Its footprint spans the Middle East, South Asia, and key financial centres including New York, London and Hong Kong. The new Türkiye office is part of this wider expansion, underscoring a concerted push toward strengthening global capital market presence. The financial landscape in Türkiye has evolved in the past decade, with local banks seeking international partnerships to diversify funding sources. Inflationary pressures, high interest rates and currency volatility have made access to foreign capital especially valuable. By providing a direct conduit to Gulf and global investors, Mashreq's İstanbul office could become a gateway for Turkish entities to tap into new liquidity pools. Analysts point out that Gulf-based banks are particularly well-positioned to support emerging markets such as Türkiye thanks to their large capital buffers, risk appetite and regional proximity. 'Regional banks play a pivotal role in bridging the funding gap for emerging economies,' according to Mohammed Al Hashmi, a senior analyst at Gulf Financial Insights. He added that embedding operations within local financial ecosystems helps to facilitate quicker decision-making and improve transaction efficiency. Mashreq's strategy reflects a broader trend among UAE banks to transfer capital into regional markets experiencing structural growth and occasional market stress. Earlier this year, Mashreq was lauded as the Middle East's fastest-growing banking brand and received recognition as the Best Digital Bank five years running, achievements which underscore its strong balance sheet and technological edge. ADVERTISEMENT Since its establishment, the Istanbul office has already been involved in several mandates. Mashreq served as a lead manager for corporate bond issuances and leveraged its syndication capabilities to support Turkish banks' funding and expansion programmes. Further mandates are reportedly in the pipeline, including debt structuring and trade-finance support for mid-market Turkish corporates seeking international reach. The timing is opportune, with global investors eyeing Turkish assets amid a shift in interest rate policies worldwide. Türkiye's policy rate remains elevated, while comparative opportunities in fixed income and FX-linked instruments continue to attract foreign interest, although accompanied by elevated macroeconomic risks. Mashreq's capacity to structure sukuk and conventional bonds, combined with its regional relationships, offers an appealing solution. The bank's international banking wing has steadily increased its footprint. Over the years, it has expanded correspondent banking relationships in jurisdictions such as Oman, Bahrain, Qatar, Kuwait and India, while diversifying its services to include sustainable and digital financial products. Integration of ESG and digital banking has been a focus, with the bank earning accolades including the Euromoney Trade Finance Award and recognition for its internet and digital banking capabilities. For Turkish corporates, more than ever, the need for cross-border liquidity, international financing platforms and diversified risk capacity is pronounced. Mashreq's local team is expected to fast-track access to structured debt solutions, Islamic finance products and syndication mechanisms tailored to both corporate and financial institutional clients. From a geopolitical standpoint, the expansion reflects the deepening economic linkages between Türkiye and the UAE. Bilateral trade has grown consistently in areas such as energy, infrastructure, railways and tourism. The establishment of the office provides a financial channel to support these sectors, potentially fast-tracking infrastructure project financing, private equity deals and structured transactions. Concerns persist regarding Türkiye's macroeconomic stability, with inflation still above the central bank's comfort zone and currency fluctuations posing challenges. Nevertheless, institutional investors express confidence in strategies that anchor on diversified funding and international partnerships. Mashreq's capital buffer and experience in risk transfer could help Turkish entities manage idiosyncratic volatility. The representative office comes at a time when regional banks are competing to become preferred partners for emerging markets. Mashreq hopes its established digital platforms, seasoned capital markets team and deep experience with Islamic finance will distinguish it among competitors. In Türkiye's competitive banking sector, this onshore presence could tilt selection in its favour for mandates spanning debt, treasury, trade and sustainability-linked products. As the İstanbul office scales operations, the bank intends to recruit local talent, enhance its underwriting capabilities and explore collaborations with Turkish banks in areas such as fintech, cash management solutions and ESG financing.
Zawya
3 days ago
- Business
- Zawya
Mashreq Bank inaugurates office in Turkey to expand global presence
Mashreq Bank has opened its representative office in Turkey as a part of its commitment to supporting Turkish financial institutions and corporates. The UAE-based lender has an effective role in channeling risk capacity and capital flows to Turkish banks and corporates, according to a press release. Mashreq is also a leading bookrunner on key bond transactions by Turkish borrowers, including capital issuances for prominent Turkish banks. This also aligns with the bank's growth strategy to expand its local as well as global presence. Ahmed Abdelaal, Group CEO at Mashreq, said: "This strategic milestone strengthens our ability to support clients in Türkiye and the broader region with world-class financial solutions, while advancing our vision for sustainable and diversified growth." Joel Van Dusen, Group Head of Corporate and Investment Banking at Mashreq, said: "Leveraging Mashreq's digital-first infrastructure and global expertise, we are well-positioned to facilitate cross-border trade, enhance capital access, and contribute meaningfully to Türkiye's financial ecosystem." It is worth highlighting that the bilateral trade volumes between the UAE and Turkey exceeded $20 billion in 2024. In the first quarter (Q1) of 2025, Mashreq Bank generated net profits after tax valued at AED 1.79 billion, an annual drop of 12% from AED 2.04 billion. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Arabian Post
11-06-2025
- Business
- Arabian Post
Mashreq's $500 Million Sukuk Garners Global Attention
Mashreq Bank has secured a US$500 million Sukuk issuance through its special-purpose vehicle, Mashreq Al Islami Sukuk Company Ltd, with a secondary listing on Nasdaq Dubai. The trust certificates, set to mature in 2030, were unveiled under the bank's US$2.5 billion Trust Certificate Issuance Programme. The issuance drew overwhelming appetite in the primary market, with subscriptions reaching nearly US$2.9 billion—almost six times the issued amount—before being admitted for trading on Nasdaq Dubai. Market officials and state dignitaries marked the admission ceremony. Senior Mashreq officials including Group CEO Ahmed Abdelaal, Group Head of Corporate & Investment Banking Joel Van Dusen, and Group Head of Treasury & Global Markets Salman Hadi were present. The ceremonial bell was rung by Abdelaal, alongside Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, signifying a deepening partnership between the lender and the exchange. The demand for the paper was robust: pricing tightened to UST + 105 basis points, offering a fixed annual return of 5.03%. Participation included more than 90 investors across the Middle East, Europe and Asia, reflecting broad confidence in Mashreq's creditworthiness and reinforcing Dubai's rising role as a global hub for Islamic finance. ADVERTISEMENT Islamic finance is a growing pillar of Dubai's capital markets. Nasdaq Dubai is now home to over US$140 billion in listed debt, of which around US$97.2 billion comprises Sukuk across 163 issuances, bolstering the emirate's reputation in sharia-compliant instruments. This Sukuk marks Mashreq's return to international debt markets and sets a positive tone following heightened volatility triggered by US tariffs on the CEEMEA region in April 2025. According to Nasdaq Dubai CEO Hamed Ali, the success signifies 'Mashreq's growing ambitions in the Islamic finance sector' and affirms the exchange's role in connecting regional issuers with global investors. Mashreq Chairman Abdul Aziz Al Ghurair emphasised the issuance's significance: 'This Sukuk listing marks an important step in Mashreq's commitment to strengthening the global Islamic finance landscape … a clear demonstration of cross-border capital flows.' Ahmed Abdelaal added that the listing 'affirms our disciplined approach to funding, even in a complex macro environment'—a nod to the bank's focus on transparency and sustainable value. From a broader standpoint, the transaction shows Dubai's resilience amid global financial uncertainty. With the UST + 105 basis points spread reflecting investor trust, analysts note that the oversubscription by nearly six‑fold underscores continued market appetite for quality issuances. It strengthens investor confidence not just in Mashreq but across issuers in the CEEMEA region. Notably, this offering marks Nasdaq Dubai's first CEEMEA issuance since April's tariff shock—a turning point that restored market momentum. Regional issuers have since pursued multiple debt placements, signalling a revival of cross-border capital flows. The listing harmonises with Dubai's strategic goal to deepen Islamic capital markets and elevate its position as a capital-raising gateway for global investors. As Sukuk issuance gains traction amid tighter regulatory oversight and rising demand for ethical financing, Mashreq's listing not only advances its own capital diversification goals but also contributes to the maturation of Islamic fixed-income markets. With plans to issue further Islamic debt under its US$2.5 billion programme, the bank appears poised to leverage both primary and secondary market channels. Moving forward, stakeholders will watch for future issuances by Mashreq and other CEEMEA-based issuers to assess whether this marks a sustainable trend in Islamic finance, or a one-off surge. However, the combination of strong demand, disciplined pricing and enhanced market access marks a positive step for the sector.
Zawya
11-06-2025
- Business
- Zawya
Nasdaq Dubai welcomes Mashreq's $500mln debut sukuk listing
Dubai: Mashreq Bank listed a $500 million Sukuk on Nasdaq Dubai through Mashreq Al Islami Sukuk Company Limited, according to a press release. Issued under Mashreq's $2.50 billion Trust Certificate Issuance Program, the offering is being admitted as a secondary listing following strong demand in the primary market. The Trust Certificates, due in 2030, attracted significant investor interest, implying an orderbook of $2.90 billion, nearly six times oversubscribed. The final pricing was tightened to UST +105 basis points with a fixed profit rate of 5.03% annually. With this listing, the total value of Sukuk listed on Nasdaq Dubai stood at $97.20 billion, reinforcing the exchange's position as one of the world's largest centers for Islamic fixed income. The overall value of debt securities listed on Nasdaq Dubai currently exceeds $140 billion, across 163 issuances. Ahmed Abdelaal, Group CEO of Mashreq, said: 'Our debut listing on Nasdaq Dubai marks a new chapter in Mashreq's capital markets journey. This Sukuk issuance not only attracted strong investor interest, but also affirms our disciplined approach to funding, even in a complex macro environment.' Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said: 'As Dubai continues to strengthen its capital markets infrastructure, we remain committed to providing an efficient and transparent platform that supports diverse financing needs and promotes sustainable growth across the financial ecosystem.' In the first quarter (Q1) of 2025, Mashreq Bank recorded 12% lower net profits after tax at AED 1.79 billion, compared to AED 2.04 billion in Q1-24.
