Leading the banking sector of the affluent UAE is Mashreq Bank, which, after more than 50 years, has proven its unrelenting commitment to place its customers at the centre and innovate to achieve that goal. The bank, known for being the first to introduce game-changing breakthroughs, is guided by its mission to build long-term relationships with its clients. In our interview, Ellis Wang explained the bank’s latest plans and developments.
United Arab Emirates (UAE)
China’s Silk Road was for centuries an invaluable network of trade routes connecting Eastern and Western Eurasia. Now, in the 21st century, it has been resurrected in the form of China’s Belt and Road Initiative. Despite suspicions about the motives behind the ambitious project, no one would deny the magnitude of China’s sweeping plan for infrastructure and economic development in more than 150 Eurasia countries. But can it pull it off?
For several years now, anti-financial crime (AFC) regulations have prohibited the operation of shell banks. A shell bank is a bank that has no physical presence in the jurisdiction where it is incorporated or licensed and no affiliation with a regulated financial group.
Although Shariah-influenced finance has existed for centuries, the first modern Islamic banks were not established until the early 1960s. Today, Islamic banking is spreading throughout the Middle East and Africa, in countries where a majority of the population is Muslim. Combining modern technology with ancient religious principles, Islamic banking is rich with opportunity for financial firms seeking to serve this growing consumer market, especially those who have not been served well by conventional banks.