The Central Bank has asked banks to limit cash dividend payouts as it seeks to ensure lenders have sufficient capital after the financial crisis.
Banks have been told to cap payouts to shareholders at 50 per cent of their net profits from last year, said Saeed Abdullah al Hamiz, the senior executive director of the banking, supervision and examination department of the Central Bank.
"We are asking banks to think twice about dividends," Mr al Hamiz said yesterday. "Every year we tell them to limit but this year we have increased it because of the financial crisis. This will be healthy for the economy and for banks."
Many lenders have already announced their boards' proposals for dividends. Under the new regulations, Dubai Islamic Bank would have breached the limit after announcing proposals for a dividend payout of 60 per cent of its profits, analysts said.
Emirates NBD, the country's biggest bank by assets, has proposed a 20 per cent cash dividend, which would mean paying 20 fils a share at a nominal value of Dh1.
With about 5 billion shares outstanding, Emirates NBD would be paying out a cash dividend of about Dh1 billion (US$272.2 million). That is about a third of its Dh3.3bn net profit for last year.
"They are trying to prevent banks from paying out too heavy dividends" as a proportion of the bank's profit, said Deepak Tolani, an analyst at Al Mal Capital.
Meanwhile, it was revealed yesterday that the UAE would not be included on a list of countries with poor anti-money laundering and terrorist financing regulations, due to be released tomorrow.
Financial regulators from 53 countries have been gathering at the Central Bank this week for a conference on how to tighten regulations around financing militants and money laundering.
The event will conclude tomorrow with the public release of a list naming countries that have failed to enforce sufficient restrictions.
"I want to confirm as an official that we are not in any list," Abdulrahim al Awadi, the director of the Central Bank's anti-money laundering and suspicious cases unit, said yesterday on the sidelines of the conference, hosted jointly by the inter-governmental group Financial Action Task Force (FATF).
Although Mr al Awadi had not seen the list, to be released by FATF, he said the UAE was not on it as the country fully complied with the organisation's 40 recommendations on how to strengthen regulations against the two activities.
The IMF has described robust anti-money laundering regulations as a crucial foundation of the economic and financial stability of nations.
Foreign investment flows can be discouraged and international capital flows can be distorted by the two activities, the IMF has warned.
In a November 2008 report by FATF, the UAE was heavily criticised for lack of sufficient reporting of suspicious transactions.
The Group of 20 leading and emerging economies in April asked FATF to point out countries that need tighter regulations on militant financing and money laundering. Sources say the list could contain as many as 30 countries.
tarnold@thenational.ae
uharnischfeger@thenational.ae
myoussef@thenational.ae
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The%C2%A0specs%20
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Dengue%20fever%20symptoms
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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
The%20specs
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DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Quick%20facts
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000
Available: Now
Aggro%20Dr1ft
%3Cp%3EDirector%3A%20Harmony%20Korine%3Cbr%3EStars%3A%20Jordi%20Molla%2C%20Travis%20Scott%3Cbr%3ERating%3A%202%2F5%3C%2Fp%3E%0A
SPECS
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
First Person
Richard Flanagan
Chatto & Windus
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
TALE OF THE TAPE
Floyd Mayweather
- Height
- Weight
- Reach
- Record
Conor McGregor
- Height
- Weight
- Reach
- Record
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh
UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Killing of Qassem Suleimani
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
Scoreline:
Barcelona 2
Suarez 85', Messi 86'
Atletico Madrid 0
Red card: Diego Costa 28' (Atletico)
EA%20Sports%20FC%2024
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If%20you%20go
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Our Time Has Come
Alyssa Ayres, Oxford University Press
UAE currency: the story behind the money in your pockets
MADAME%20WEB
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