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MENA news through Aug. 21

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MENA news through Aug. 21

GULF COOPERATION COUNCIL

* Saudi Arabia's finance ministry warned the public against dealing or investing in cryptocurrencies and other virtual currencies as they are outside the scope of regulatory framework and are not traded by financial institutions in the country.

* The Saudi Arabian Monetary Authority instructed insurance firms to offer discounts to new drivers and to existing clients with no previous claims, in a bid to promote insurance practices, Okaz wrote.

* The Qatar Central Bank plans to introduce central supervision of the Islamic finance sector, according to International Adviser. However, the regulator did not provide a timeline for the plan.

* Russia's VTB Bank PJSC acquired a 19% stake in new Qatar-based CQUR Bank, which obtained a license in July and will start operations in the near future.

* United Arab Emirates-based Invest Bank PSC submitted a proposal to the Securities and Commodities Authority to resume trading of its shares on the Abu Dhabi Securities Exchange, Mubasher reported.

* Shuaa Capital PSC said the Abu Dhabi Capital Management transferred all of the shares issued as part of a capital increase, which totaled 1,470,720,000 shares, to its current shareholders with the continuation of the lock-in period of not less than 12 months.

* Indian payments processor RuPay is set to launch in the UAE, WAM news agency reported.

* The UAE-based owners of Falcon Private Bank AG will resume the sale process for the Swiss bank in the third quarter, after indecision over what type of sale to pursue halted previous plans, insiders told finews.com. Mubadala Investment Co. is obliged to evaluate all options for the bank, which has been embroiled in ongoing money laundering investigations linked to Malaysian fund 1MDB

* Investment Dar is working on regaining its stake at Boubyan Bank KSCP and is currently seeking financing to pay the principal due to one of the banks, where it plans to pay the 94 million Kuwaiti dinar stake, as per the court's ruling, Al-Jarida reported.

* Bahrain-based Ahli United Bank BSC and Kuwaiti unit Ahli United Bank KSCP agreed to sell their 196,096,150 shares in Kuwait and Middle East Financial Investment Co. KSCP, equivalent to 75.6% of outstanding shares, to Hamad Saleh al-Thekair at 58.043 Kuwaiti fils per share, subject to regulatory approval.

* Meanwhile, Kuwait's Public Institute for Social Security gave initial approval to the merger of Kuwait Finance House KSCP and Ahli United Bank, Islamic Business & Finance reported.

* Al Salam Bank-Bahrain BSC denied news that it is exploring a prospective merger with the UAE's Mashreqbank PSC.

* National Bank of Bahrain BSC launched a new financial restructuring business within the bank and named Bruce Wade CEO of the new division.

* Kuwait Finance House (Bahrain) BSC (c) launched an advanced open banking infrastructure, allowing it to partner with global financial technology firms to expand services, Gulf Daily News reported.

* Oman-based United Finance Co. SAOG named Bikram Rishi COO, effective Oct. 1.

* Oman & Emirates Investment Holding Co. SAOG CEO Awad Mohammed Faraj Bamkhalef stepped down for personal reasons, effective Aug. 19. Raffy Kozadjian will serve as acting CEO until a permanent successor is found.

* Oman-based The Financial Corp. Co. SAOG is no longer pursuing its plan to form a strategic alliance with Al Maha Financial Services LLC.

REST OF MIDDLE EAST

* Bank Hapoalim BM reported second-quarter net profit attributable to shareholders of 871 million Israeli shekels, down from the year-ago 920 million shekels, as provisions for credit losses rose to 319 million shekels from 90 million shekels.

* Israel's capital markets authority received over 2,000 applications from financial technology firms, prompting it to consider amending its licensing regime to spur competition and growth in the sector, Coin Geek reported, citing newspaper Calcalist.

* The Israel Bitcoin Association filed a freedom of information petition in a local court, demanding that the central bank disclose copies of policy documents from each of lender in the country concerning money from digital currency, insiders told Globes.

* The central banks of Iran and Afghanistan are exploring ways to resolve disputes that weigh on the banking ties between both countries, the Financial Tribune reported.

NORTH AFRICA

* The Egyptian Financial Regulatory Authority granted Banque Misr (SAE) an investment banking license, allowing the lender to start promotional activities and cover underwriting activities on the country's exchange, Ahram Online reported.

* Tarek Fayed, Banque du Caire SAE's chairman and CEO, expects the Egypt-based bank to sell a minority stake of 30% to 40% by the end of this year or in early 2020 through a capital increase and a stake sale to a strategic investor, Reuters reported.

* Banque Tuniso-Koweitienne raised 7 million Tunisian dinars in the market via a non-public bond issued between April 11 and July 31, Financial Afrik wrote.

* The government committee in charge of selecting a new CEO for Tunisia's Banque de l'Habitat SAL shortlisted three candidates, with Imededdine Chérif tipped as the favorite, IlBoursa reported.

* Tunisia-based Assurances SALIM SA's shareholders decided to rename the company BH Assurance, IlBoursa reported.

Henni Abdelghani and Sophie Davies contributed to this report.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.