amwalalghad :: Financial Institutions

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Heliopolis Housing   21.65        United Housing & Development   8.93        Raya Holding For Technology An   4.57        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        National Development Bank   6.72        Six of October Development & I   15.03        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Business - Financial Institutions

Amwal Al Ghad - 2012-03-24 07:42:32
US President Barack Obama on Friday nominated Jim Yong Kim, a Korean-American known for his work in fighting disease in impoverished countries to lead the World Bank.Jim Yong Kim, 52, is president of Dartmouth College, an Ivy League school in New Hampshire, and former director of the Department of HIV/AIDS at the World Health Organization.Despite the challenge from emerging nations - Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian finance minister Jose Antonio Ocampo were also nominated - the United States is expected to maintain its grip on the job, which it has held since the bank was founded after World War Two."He's worked from Asia to Africa to the Americas - from capitals to small villages," Obama said. "His personal story exemplifies the great diversity of our country and the fact that anyone can make it as far as he has as long as they're willing to work hard and look out for others."Washington's past picks for the World Bank presidency have had more standing in political circles and Kim's name had not surfaced in several media reports on potential nominees.Okonjo-Iweala, a respected economist and diplomat, is likely to draw support from many emerging nations that want to see the bank focus more on helping their economies develop and less on traditional poverty-fighting aid. Her backing by Angola, Nigeria and South Africa was a rare example of unity among countries often at loggerheads.Ocampo's nomination by Brazil also signaled the desire of emerging markets to have a competitive process as they move to try to upend the tradition of always having an American lead the World Bank and a European lead the International Monetary Fund. More»
Sherine Taha and Islam Abd ElHameed - 2012-03-22 13:35:25
Blom Bank increased its shares in Arope Insurance Group with 9.5%; 4.75% in Arope Property Insurance Company and 4.75% in Arope Life Insurance Company. Michael Kelada, assistant managing director at Arope Insurance Group, said that Blom’s share in property insurance reached 39.75% compared to 19.75%. Kelada negated what is said about Arope’s plan to pull out of the Egyptian market or merge with another company. Arope will increase its EGP 110 million capital with EGP 20 million; 10 million for each company, Kelada added. Arope Life Insurance shares are divided among Arope Insurance Group, Blom Bank Egypt and Blom Bank Egypt Securities by 80%, 15% and 5% respectively. Arope Property Insurance shares are divided among Arope Insurance Group, Blom Bank Egypt and Blom Bank Egypt Securities by 60%, 35% and 5% respectively. More»
Amwal Al Ghad - 2012-03-22 10:44:40
Dubai Islamic Insurance & Reinsurance Company (AMAN) held its Annual General Meeting on March 21, 2012, at the Godolphin Ballroom of the Emirates Towers.During the meeting, the committee present approved the reporting of the company's balance sheet and profit & loss account reports for Financial Year 2011-2012 and also elected the board of directors for the ensuing terms.The newly elected board is composed of Mohammed Omair Al Mohairy, Salem Rashid Al Mohanadi, Hussein Mohammed Al Meeza, Saleh Abdullah Lotah, Yousef Ali fadel bin Fadel, Abdullah Ibrahim Al Dabous and two new members, Naser Falah Al Qahtani and Abdul Raheem Mohammed Al Zarouni.The general meeting also covered the review of the reports submitted by the board of directors and the report of the Fatwa and Shari'a Supervisory Board on the company's business for the same period. The meeting marked the end of the terms for FY 2011 of current board members and auditors. Aside from the election of new board members, the committee also appointed auditors for the Fiscal Year 2012-2013. More»
Mahmoud Elrashidi - 2012-03-21 19:05:10
At the 2nd round of International Shariah Investment Convention “ISIC II” held in Cairo, Amania advisors and their guests proposed their expectations of the great opportunity of promoting the Egyptian industries, through the application of Islamic Finance principals on the various sectors of investment. Motaz Eldreny – Partner at Sarie- Eldien company- expressed his opinion about the factors needed for the proper application of Islamic Finance in Egypt, as he said that a legal and regulatory frame work should be provided to support the launch of this industry, as well as promoting the public acceptance of Islamic Finance and creating the culture that emphasizes its role, and he also assured that Islamic Banking should not be considered as a competitor to the Convention Banking, as he clarified also that Islamic Finance should be seen as an “Emerging Industry”, and not just seen from a religious point of view. More»
Mahmoud Elrashidi - 2012-03-21 17:45:38
Amanie Advisors and their guests have gathered for the 2nd International Shariah Investment Convention “ISIC II” that aims at discussing the development of a robust Islamic Financial Industry, as expected to be beneficial for attracting greater investment in Egypt. Ibrahim Zahaf – Managing Director of Amanie Advisor North Africa Office in Cairo- suggested that developing the capability to structure investment according to Islamic finance principles will bring benefits to Egypt, as he said “ There are links to be established with capital-exporting countries, both in Arabian Gulf countries and in Asia”, and he added “ Increasingly , the trend favors Islamic Finance”. More»
Amwal Al Ghad - 2012-03-21 10:29:14
UAE's National General Insurance Company's Annual General meeting held on 20 March, 2012 has approved the Board recommendation for a cash dividend of 15% of the capital for the FY ended 31 December 2011.The general meeting has also adopted all the items listed on the agenda.NGI achieved a 4.5% increase in the gross premium income from Dhs416m in 2010 to Dhs435m in 2011. The company's net profit was Dhs28.3m in 2011 compared to Dhs53.8m in 2010, said HE Hamad Mubarak Buamim, the Chairman of NGI. Buamim also said that despite 2011 being a challenging year due to the bad results of the medical insurance for all companies in the market, the company continued to grow, maintained its consistent and cautious approach, exceptional response to customer needs, enhanced quality service and prudent risk management.Dr. Abdul Zahra A. Ali, the Chief Executive Officer of the company, said the company faced challenges in 2011 affecting the technical results but will bounce back to continue maintaining the historical level of good technical results. More»
Amwal Al Ghad - 2012-03-21 10:05:14
Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo are set to be nominated to lead the World Bank. The candidacies of Okonjo-Iweala and Ocampo, who have credentials as both economists and diplomats and the respective backing of Brazil and South Africa, pose a challenge to the United States, whose hold on the top post has never been contested.But with its majority of votes and the expected support of European countries, the United States is still likely to ensure that another American will succeed Robert Zoellick, who plans to step down when his term expires at the end of June.Washington has held the presidency since the Bank's founding after World War Two, while a European has always led the International Monetary Fund. It has yet to publicly identify a nominee to succeed Zoellick.The deadline for submitting nominations is Friday, and the Obama administration has said it will name a candidate by then.All of the World Bank's 187 members nations have committed to a merit-based process to select Zoellick's successor.Emerging and developing economies have long talked up their desire to break U.S. and European dominance of the Bretton Woods Institutions, but have until now have failed to build a coalition large enough to change the status quo.Three sources told Reuters that Ocampo, currently a professor at Columbia University in New York, would be formally nominated by Brazil. More»
Amwal Al Ghad - 2012-03-21 08:42:49
Oman’s insurance regulator Capital Market Authority (CMA) has urged local insurance firms to strengthen their capital base to retain more business within the country and to withstand competition. Although the stipulated minimum capital for conventional insurance firm in Oman is RO5 million, the insurance regulator is contemplating to have a RO10 million paid up capital for takaful (Islamic insurance) firms, when they start operation. “We have been encouraging insurance companies to enhance capital base. This will give the companies an ability to retain more business within the country and withstand competition,” CMA Executive President Abdullah bin Salem bin Abdullah al Salmi, told Times of Oman. “If the insurance companies do not have strong capital base, they have to depend on reinsurance companies. This is neither good for the companies nor helps the national economy.”Al Salmi also said that local firms should go for merger for achieving economies of scale. “Our markets are opening up (for foreign players) and therefore, we need to have big firms.” The Sultanate has 21 insurance companies – 11 locally incorporated companies and ten branch operations of foreign firms, according to CMA statistics. However, majority of the players is relatively small firms. Echoing a similar view, S. Venkatachalam, general manager of National Life, said raising minimum capital for insurance companies is a good move, which will give more capacity for local players to retain more business within the country. More»
Amwal Al Ghad - 2012-03-20 18:18:58
Egypt's Muslim Brotherhood, the country's largest political force, on Tuesday held off from backing a request for a loan from the International Monetary Fund, urging more government transparency. The Brotherhood's “Freedom and Justice” Party said it met with an IMF delegation in Cairo to discuss the loan which is aimed at relieving Egypt's economy, in crisis since a popular uprising last year. More»
Sherine Taha and Islam Abd ElHameed - 2012-03-20 16:00:39
The volume of written premiums received by insurance companies in Egypt rose to EGP 10.135 billion in FY 2010/2011, compared with EGP 9.277 billion in FY 2009/2010, with a 9.3% increase, according to Egyptian Financial Supervisory Authority' report.  EFSA reported that public insurance companies acquires 49.7% and private insurance companies acquire 50.3% of the total premiums market.The personal and property Direct premiums volume grew by 10.9% in FY 2010/2011. Property insurance grew by 9.3% as it reached EGP 9.655 billion, compared with EGP 8.78 billion. The volume of direct premiums of personal insurance in FY 2010/2011 reached EGP 3.999 billion, compared with EGP 3.607 billion in FY 2011/2012. The volume of direct premiums of property insurance in FY 2010/2011 reached EGP 5.655 billion, compared with EGP 5.173 billion in FY 2009/2010. The premiums of property reinsurance retreated by 0.8% in value to EGP 474 million in FY 2010/2011, compared with EGP 477.8 million. The premiums of reinsurance issued from personal insurance sector rose by EGP 174 million in FY 2010/2011, compared with EGP 148 million with an increase of 17.5%. Property reinsurance premiums volume grew by 7.9% in FY 2010/2011, as it reached EGP 2.747 billion, compared with EGP 2.546 billion.Personal insurance net premiums reached EGP 3.381 billion in FY 2010/2011, compared with EGP 3.104 billion, with an 8.9% increase.EFSA reported that paid compensations reached EGP 5.866 billion, compared with EGP 5.498 billion, with a 6.7% increase where public sector insurance companies paid 57.7% of which and private insurance companies paid 42.3%. Personal and property insurance direct compensations grew by 16.9% in FY 2010/2011 compared with that in FY 2009/2010 and property insurance retreated by 0.7%. Personal insurance direct compensations reached EGP 2.503 billion, compared with EGP 2.140 billion. Property direct compensations retreated to EGP 3.083 billion, compared with 3.104 billion. More»