Mashreq signs a membership agreement with Mala'a
The agreement was signed by Mrs. Manahil Jaffar, Acting General Manager of Mala'a, and Mr. Alsalt Al Kharusi, Country Head of Mashreq Oman. Mrs. Manahil stated: "We are pleased to welcome Mashreq as a member. This partnership will enable Mashreq to utilize our extensive database of financial and credit information, which is essential for fostering effective decision-making and risk management in the financial sector." She added, 'This partnership marks an important step toward a more stable and stronger financial ecosystem in Oman, promoting sustainable economic development across the region.'
Mr. Alsalt Al Kharusi declared, 'Oman's financial sector is at a pivotal moment, with digital transformation shaping its future. By integrating Mala'a's credit intelligence into our banking framework, we aim to empower businesses with deeper insights and smarter financial tools that drive sustainable economic growth.'
Oman Credit and Financial Information Centre (Mala'a), was established in 2019 under Royal Decree No. 38/2019. The center plays a pivotal role in developing a comprehensive national financial system in Oman. Mala'a's advanced systems enable members to assess clients' financial capacity, contributing to improved loan quality and reduced financial risks. The center is integral in lowering default rates, enhancing financial stability, and supporting economic growth in Oman.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
6 days ago
- Zawya
Binghatti Holding's $500mln sukuk 5 times oversubscribed
Binghatti Holding, one of the UAE's fastest growing real estate developers, has priced a $500 million 5-year Senior Unsecured Sukuk under its $1.5 billion Trust Certificate Issuance Programme, a transaction that was oversubscribed by five times. The Regulation S Sukuk issuance attracted strong regional and international investor demand, with an order book exceeding $2.5 billion. The sukuk was priced with a profit rate of 8.125%, equivalent to a spread of 418 basis points over the prevailing 5-year US Treasury yield, and given the strong levels of demand the issuance saw significant tightening from its initial guidance of 8.500% area. The robust orderbook reflects broad market confidence in Binghatti's credit fundamentals, brand strength, and long-term strategy. The company is rated Ba3 by Moody's and BB- by Fitch, both with stable outlook, said the company. The sukuk will be listed on both Nasdaq Dubai and London Stock Exchange. Muhammad BinGhatti, Chairman of Binghatti Holding, commented: 'Binghatti's landmark sukuk marks a pivotal milestone in our journey, reinforcing our position as one of the region's most dynamic and diversified developers. The strong demand and investor trust shown in the USD 500 million issue from our sukuk programme highlights Binghatti's unique model, a vertically integrated platform underpinned by phenomenal growth and market leading execution.' Ahmed Abdelaal, Mashreq Group Chief Executive Officer, said: "We are proud to have played a pivotal role in Binghatti's return to the sukuk market, having supported their journey since their inaugural issuance last year. The exceptional investor response—both regional and international—underscores the strong appetite for the Dubai growth story and confidence in Binghatti's trajectory. This landmark issuance not only affirms their access to global capital markets but also establishes a new 5-year benchmark for the sector. Mashreq continues to lead in advising regional corporates on accessing international capital markets from inception. Our partnership with Binghatti reflects the trust placed in our expertise and capabilities.' Binghatti Holding's H1 2025 net profit more than tripled to AED1.82 billion, driven by resilient demand for Dubai real estate. The group's total sales reached AED8.8 billion, with revenue climbing 189% YoY to AED6.3 billion. The group launched seven new projects and delivered five developments in H1 alone, handing over 15 projects in the last 18 months. Its AED12.5 billion revenue backlog and over AED70 billion development portfolio positions it as one of Dubai's leading developers. Binghatti currently has ca. 20,000 units under development across 30 projects in prime Dubai locations including Downtown, Business Bay, Jumeirah Village Circle, and Meydan as well as its flagship branded residences in collaboration with luxury partners Bugatti, Mercedes-Benz and Jacob & Co. The company's development pipeline was further reinforced by the recent acquisition of about 9 million sq ft megaplot in Nad Al Sheba 1, which will host Binghatti's first master-planned community, with a projected development value of over AED25 billion, the company said. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
What's On
6 days ago
- What's On
This smart savings account helps your money grow effortlessly
Looking for a low-effort way to boost your savings? Say hello to NEO PLUS Saver , the new digital savings account from Mashreq that's all about big returns, with maximum convenience – and it's managed entirely from your phone. Whether you're salaried or freelance, this account is built to help your money grow with minimal effort. Through Mashreq M obile A pp (one of the top-rated in the UAE), customers can earn up to 6.25% interest per annum when they transfer their salary. No t transferring a salary? You can still earn a competitive 5% interest just by maintaining a balance of Dh s 50,000 or more . And if you're quick to sign up, you'll unlock a welcome bonus of up to Dhs1,500 and extra perks like 5% cashback on debit card spends and Dhs300 on international transfers. What sets this account apart is how simple and seamless it is. No bundles, no need for credit cards or loans – just a smart, standalone savings product that puts you in control. Open it in minutes, manage everything from your phone, and enjoy peace of mind with your money growing in the background. You'll also get acces s to additional tools like zero-commission stock trading , mutual funds, and digital investment options — perfect if you're looking to expand your financial game. Why it's worth it: • Earn up to 6.25% interest • Get bonuses and cashback rewards • Fully digital via the Mashreq app • No extra products required On the launch of the new account, Fernando Morillo, Group Head of Retail Banking at Mashreq stated, 'With NEO PLUS Saver, customers do not just earn competitive interest – they enjoy a complete digital banking experience through our award-winning mobile app, designed to simplify money management and support smarter financial growth.' Radu Topliceanu, Global Head of NEO at Mashreq added that with the NEO PLUS Saver, Mashreq is 'setting a new benchmark for what digital savings can offer in the UAE – unmatched returns, no hidden requirements, and a fully digital, customer-first approach from start to finish.' Ready to let your savings do the work? Open your NEO PLUS Saver Account now . Download Mashreq Mobile App – top-rated banking app in the UAE with a 4.8 scor e and open your NEO PLUS Saver Account today Find out more at Images: Supplied > Sign up for FREE to get exclusive updates that you are interested in
Zawya
30-07-2025
- Zawya
Mashreq's H1 2025 net profit falls 14% on higher taxes
Dubai-listed Mashreq has posted a decline in net earnings due to higher tax payments despite strong operating income . Total net profit for the first half of the year reached AED 3.47 billion ($945.4 million), marking a 14% drop from a year earlier. For the second quarter of 2025, net profit stood at AED 1.68 billion, dropping by 16% year-on-year. The decline in net profit was mainly due to a 'significantly higher tax burden' following the UAE's implementation of 15% global minimum tax, the bank confirmed on Tuesday. The bank's provision charges also went up to AED 245 million. 'Income tax expense of AED 604 million in H1 2025 up by 35% year-on-year impacted the net profit after tax,' Mashreq noted. Despite lower net profit, the bank said its operating income has remained robust at AED 6.2 billion for the first six months of 2025, supported by increased loans and advances (up by 21%) and non-interest income (up by 17%). The lender also noted that its cost-to-income ratio is at 30%, while its balance sheet and asset quality remained strong. Customer deposits grew by 15%, non-performing loan (NPL) ratio improved to 1.2% and NPL coverage ratio stood at 210%. (Writing by Cleofe Maceda; editing by Brinda Darasha)
