• Home
• /
• Business

Mashreqbank to launch three mutual funds

ABU DHABI — Mashreq Bank is contemplating to launch three country dedicated mutual funds by the year-end for the booming markets of Kuwait, Bahrain and Oman with a total size of Dh1 billion, said a top official.

"We are also interested in asset management business in Pakistan's market which has performed extremely well during recent times...hopefully something will come up in this regard, in near future," said a senior official of the bank, while speaking to reporters.

He said that the Islamic subsidiary of the Bank has obtained a licence to operate an Islamic finance company, details of its paid up capital, launch and operations would be made public in the course of the next two months.

Asked about the expansion plans of Mashreq Bank, the official said that the Bank has aggressive growth and expansion plans particularly for the Qatar market. About Bahrain where the Bank had been running an off-shore branch, he said , a licence has been obtained for running full-fledge banking activities.

To a question about Mashreq Bank's plans for its operations at DGCX, he said, "We have obtained the licence for broker and matchmaker services while for Dubai Metal Exchange (DME) the bank has not yet applied for the licence. But it has a lot of interest in offering its services."

Earlier, Mashreq Securities launched a dedicated lounge for trading in UAE stock markets located on Salam Street in Abu Dhabi, which was inaugurated by Mashreqbank's Chairman Abdullah Al Ghurair. Al Ghurair said the bank plans to launch more VIP trading lounges in other emirates before the end of the year as part of Mashreq Securities' ambitious expansion plans. These plans include expanding operations to exploit brokerage opportunities across Middle East and North Africa regions, as well as leading global capital markets. The Mashreq Securities Branch is manned by experienced traders to assist investors in placing orders in the UAE stock markets. Investors can place their orders in person, by dedicated phone lines or by accessing their account via the Internet.

"New high street lounges will enable our institutional and high networth investors to make trades in a comfortable and efficient environment rather than having to visit the often overcrowded markets themselves; we will provide the highest level of services to our guests who will choose to trade in our lounges," said Nabeel Waheed, Head of Treasury and Capital Markets.