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Iran insurance market largely untapped, and now there’s Trump
Nov15

Iran insurance market largely untapped, and now there’s Trump

Insurers are still wary of Iran as the need for foreign capacity grows, and now there’s US President-elect Donald Trump to consider as part of future calculations of how European or western non-life insurance operators play that market. Axco Insurance Information Services (Axco), a leading supplier of global insurance market information, in a country report on Iran highlighted hesitancy from international brokers and reinsurers,...

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CT Capital hit with regulator fine for PPI failings
Jun06

CT Capital hit with regulator fine for PPI failings

UK regulator Financial Conduct Authority (FCA) has fined CT Capital Ltd (CT Capital) GBP 2,360,900 for serious failings in its historic Payment Protection Insurance (PPI) complaint handling processes. PPI is an ongoing issue in Britain because of alleged fraud perpetrated on citizens and residents by banks and other financial institutions. FCA said that between May 2011 and November 2013, during which time it handled 6,669 PPI...

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EBRD explores Kazakhstan green finance
May27

EBRD explores Kazakhstan green finance

Green finance is being introduced in Kazakhstan in an initiative involving the European Bank for Reconstruction and Development (EBRD) and Kazakhstan’s Astana International Financial Centre (AIFC) Authority. EBRD says it is taking the first step towards developing the green financial system, which is broadly defined as a system facilitating financial investments that help sustainable development projects and initiatives,...

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Iran n-deal will ease sanctions burden on banks
Aug19

Iran n-deal will ease sanctions burden on banks

The Iran nuclear deal likely will ease pressure on banks to watch out for any potential violations of international sanctions linked to that country, UK law firm Zaiwalla said [19 August 2015]. The plethora of sanctioned entities that banks have to avoid in order not to get punished by regulators has grown over the years. In the year to July 2015 alone, the number of sanctions imposed by the UK rose by 3% from 2,401 to 2,477. Similar...

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UAE subsidy axe good news for EU exporters
Jul27

UAE subsidy axe good news for EU exporters

The United Arab Emirates, which has vast investments throughout Europe and funds lucrative orders for European businesses, stands to benefit from axing billions of dollars of fuel subsidies as it fights to control a fiscal deficit amid falling energy prices. Moody’s rating agency said (27 July 2015) fuel price deregulation measures that will be introduced in the UAE from 1 August are “credit positive for the UAE and Abu Dhabi...

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IFSB rates health of Islamic finance hubs
Apr27

IFSB rates health of Islamic finance hubs

The Islamic Financial Services Board (IFSB) in Kuala Lumpur announced (27 April 2015) the release of its Prudential and Structural Islamic Financial Indicators (PSIFIs) for 15 member countries, analysing their current state of financial health. Britain, France and Luxembourg, which are competing in Europe to win ever bigger slices of Islamic finance business and wean at least a part of the sector away from Asia, have yet to join the...

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