Business

Turkiye, UAE central banks sign swap deal

Published

2 years ago

20/01/2022

MNN

The agreement aims to enhance bilateral trade and to further strengthen financial cooperation between the two countries.

Central banks of the United Arab Emirates and Turkiye have inked bilateral currency swap agreement.

According to a statement by the Turkiye’s Central Bank on Wednesday, the nominal size of the deal is mutually 18 billion UAE dirham and 64 billion Turkish liras.

The agreement aims to enhance bilateral trade and to further strengthen financial cooperation between the two countries.

“It will stand for a period of three years, with the possibility of an extension through mutual agreement,” the statement noted.

This agreement demonstrates the two central banks’ commitment to deepen bilateral trade in local currencies in order to advance economic and financial relations between our countries, Sahap Kavcioglu, the Turkiye’s Central Bank governor, said after signing the deal.

Enhancing bilateral cooperation

The chief of UAE Central Bank Khaled Mohamed Balama also said: “Signing this agreement with the Central Bank of the Republic of Turkiye reflects each nation’s desire to enhance bilateral cooperation in financial matters, particularly in the fields of trade and investments between the two countries.”

With this latest agreement, the Turkiye’s Central Bank’s total swap figure with foreign central banks reached $28 billion.

Turkiye and the UAE signed a total of 10 agreements on energy, environment, finance, and trade during a visit by Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed Al Nahyan to Ankara last November.

The UAE has also allocated a $10 billion fund for direct investment in Turkiye, the Abu Dhabi Developmental Holding Company also announced.

As of November, the bilateral trade volume stood at $7.1 billion. Turkiye’s imports from the UAE totaled $2.2 billion, while its exports to the country stood at $4.9 billion.

Source: TRT

Business

TMA becomes first Asian operator to receive Havilland Certificate

Published

2 hours ago

08/05/2024

Trans Maldivian Airways (TMA), the world’s largest seaplane operator, receives De Havilland Canada’s endorsement certificate, making it the first operator in Asia to achieve the recognition.

At the official endorsement ceremony held last Sunday, De Havilland’s Chief Executive Officer Brian Chafe awarded the endorsement to TMA Chief Executive Officer A.U.M Fazy.

De Havilland owners Sherry Brideson and Robert McDonald, along with senior representatives of the Canada’s aerospace company and TMA officiated the ceremony.

TMA Chief Fauzy had thanked De Havilland’s continued support with its Twin Otters, elevating the operator’s success.

De Havilland CEO highlighted TMA’s success of completing two million flight cycles, which he added is unprecedented anywhere else.

The Canadian aerospace company affirmed continued support to TMA in future as well.

Source(s): sun.mv

Business

BML announce new MVR 1-mil loan facility without collateral

Published

2 days ago

06/05/2024

The Bank of Maldives (BML) on Monday officially announced the launch of two new home loan products; the Home Build Loan and the Home Equity Loan.

The new loan facilities have been introduced to cater to the growing customer needs for home construction and renovation, BML said.

The new Home Build Loan has been designed to allow individuals to borrow up to MVR 1 million without any additional security. The facility provides a repayment period of over 15 years, which is ideal in renovation projects or larger home construction projects across the Maldives.

The bank also, for the first time, has introduced Home Equity Loan for existing Home Loan and Financing customers. This new facility enables these customers to borrow up to the repaid amount, or the usable equity, of the primary loans. The Home Equity Loan is offered for borrowings of more than MVR 50,000 with a repayment period of 20 years.

Moosa Nimal, the Director of Retail and SME Banking said, “These products are designed to make access to finance easier for our customers across the country.”

“The new Home Build Loan does not require any additional security and will allow customers to build or renovate homes at the most competitive market rates. Our Home Equity Loan offers our existing home financing customers to access usable equity available on their property, at a low rate of just 10%.”

The newly introduced loan facilities are available for BML Islamic customers as well.

Source(s): sun.mv

Business

MIB signs an agreement to expedite business registration process

Published

4 days ago

04/05/2024

Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.