Category: Middle East

Middle East

Iran Debuts Online Banking

Colin Henderson

BankNet 360 – Iran Debuts Online Banking For the first time ever, Iran is offering online banking services. The Post Bank of Iran, based in Tehran, Iran, will offer 24-hour service to its web customers, allowing them to access financial services online as well as make internet purchases accessing funds in their Post Bank accounts. To promote and stimulate e-banking, the service will be open to one million of the best students in Iran. Mohammad Soleimani, Iran’s minister of Information and Communications Technology, said Iran’s fiber optic infrastructure is ready to develop digital communications and electronic banking. A specialized government … Continue reading Iran Debuts Online Banking

Middle East6 Comments

Saudi Arabia ATM transactions break records

Colin Henderson

Considering the size of Saudi with 17 million population, this is an astounding number of ATM transactions reported at Al Bawaba.com.  In fact, its so astounding I think there must be an error. Canada with 32 million population does 1.1 billion ATM transactions annually, just for perspective.  So Saudi is doing 8 times that much, with half the population! The same report indicates this activity is handled through a mere 5K ATM machines,vs Canada with 50K ATM’s.  ATM’s are relativley new in Saudi, and cash remains the preferred method of payment.  But the industry is enhancing rapidly, with real time … Continue reading Saudi Arabia ATM transactions break records

Middle East, Payments

Payments study 2006 – Middle East

Colin Henderson

Study on payments volumes in the middle east, and reference to global trends. CPILive.net your one-stop information portal in the Middle East. The Middle East will also match the global trend (-3.09%) of abandoning the cheque with a 3.66% decline. Kuwait is both the highest user of cheques in 2004 (104.47m of the 151.67m recorded within the Middle Eastern countries studied) and is predicted to exhibit the fastest decline at -5.77% by 2009.The market forecast, commissioned by ACI Worldwide, a leading international provider of solutions for electronic payments, and conducted with Global Insight, a provider financial and economic forecasting, showed … Continue reading Payments study 2006 – Middle East

Innovation, Middle East

Financial Services mall opens in Bahrain

Colin Henderson

New concept for a mall, based on financial services. MENAFN – Middle East North Africa . Financial Network News: Kingdom’s first Financial Mall opens – Bahrain Bahrain’s first financial mall was yesterday officially opened in Adliya at an event held under the patronage of BMA Governor Rasheed Al Maraj. Customer convenience, and access are key considerations. The mall has been built to offer customers increased convenience, with an accessible location, dedicated parking, longer opening hours as well as telecommunications and insurance services, such as MTC-Vodafone and BKIC respectively. The architectural design is one of open and bright space, with ample … Continue reading Financial Services mall opens in Bahrain

Canada, Middle East, Payments, US

Global electronic payment volumes to double by 2010

Colin Henderson

In a study, designed to provide banks, payment processors and retailers with a road map for the next decade to help plan their payments business strategies, its indicated payments will double worldwide by 2010, but the details are more interesting. Finextra: Global electronic payment volumes to double by 2010 The annual number of electronic payment transactions, currently at approximately 210 billion worldwide, are expected to double by the end of the decade, according to research released by ACI Worldwide. The individual markets of different growth profiles: The Eastern Europe and Asia/Pacific regions are forecast to lead the world in electronic … Continue reading Global electronic payment volumes to double by 2010

Middle East, Web/Tech

e-Banking holds key to future growth of Mid East banking sector

Colin Henderson

Middle East Banks have been lagging in their adoption of electronic channels, for a variety of reasons, but now that internet is taking hold there, online banking is a key component in their channels strategies. e-Banking holds key to future growth of Mid East banking sector The strategic approach for many of the region’s banks has always been to offer unique products and services that maintain their competitive edge, but in the technology driven global market, the participation of IT is absolutely essential. Chief Information Officers (CIO) are now being empowered to develop new strategies regarding how technology runs daily … Continue reading e-Banking holds key to future growth of Mid East banking sector

Middle East

Islamic banking – a new growth market?

Colin Henderson

Two new funds in the UK promoting something that is already big bsuinesss in the middle east, but this is in the UK. Given the growing muslim population within UK, France, Belgium this could be a new growth sector. Sharia safe investing – PSD Blog – The World Bank Group – Private Sector Development Two new funds in the UK hope to have found an answer by offering capital funding that complies with Islamic sharia law. As reported in the latest issue of Clear Profit  (pdf) Continue reading Islamic banking – a new growth market?