* The U.S. Treasury's Office of Foreign Assets Control imposed sanctions on Iraq-based money services business Afaq Dubai, saying the company has been moving funds for the Islamic State militant group. Afaq Dubai has no branches in the United Arab Emirates, despite its name, the department noted.

* Credit Suisse Group AG named James Palmer vice chairman of its investment banking and capital markets division for Europe, the Middle East and Africa, the Financial Times reported, citing an internal memo, the contents of which were confirmed by a spokesperson for the Swiss bank.

* Société Générale SA CEO Frédéric Oudéa has opted not to attend Saudi Arabia's investment conference following the disappearance of Saudi journalist Jamal Khashoggi, a spokesman for the French bank confirmed to Reuters.

GULF COOPERATION COUNCIL

* Qatar Islamic Bank QPSC booked third-quarter net profit attributable to equity holders of the bank of 680.0 million riyals, up from 610.1 million riyals a year earlier. For the nine months ended Sept. 30, net profit attributable to shareholders of the bank rose year over year to 2.01 billion riyals from 1.78 billion riyals.

* Doha Bank QPSC's third-quarter net profit dropped on a yearly basis to 737 million Qatari riyals from 1.05 billion riyals, mainly due to a significant loan loss provision in relation to the lender's overseas branches.

* Emirates NBD Bank PJSC raised a $2 billion loan from a group of 18 banks in late September, Reuters reported, citing a representative for the lender. Part of the proceeds will be used to refinance an existing $1.7 billion term loan facility, while the remainder will be used for general corporate purposes.

* Kuwait-based logistics firm Agility Public Warehousing Co. KSCP has partnered with an unnamed U.S. and U.K.-regulated financial fund investing firm to bid for part of Abraaj Group Ltd.'s fund management business Abraaj Investment Management, The National reported, citing Agility CEO Tarek Sultan.

* At least $660 million of funds from Abraaj Group's investors were moved without their knowledge into accounts said to be regarded as the group's treasury, The Wall Street Journal wrote. More than $200 million of the amount reportedly went to Abraaj founder Arif Naqvi and people close to him. Naqvi denied the allegations, saying there was nothing untoward with his requests to transfer Abraaj funds to him or his family and that he acted in accordance with arrangements put in place by the group.

* British-UAE startup Anglo-Gulf Trade Bank aims to use blockchain to speed up transactions, as well as digitalize trade finance, to fill a gap between demand in trade finance and the supply chain, Reuters reported, citing Chairman Jeremy Parrish. The bank is looking to launch in early 2019 and is awaiting final regulatory approval, Parrish said.

* UAE-based finance solutions provider AdCorp Ltd. named Mohammed al-Khaja senior executive officer.

* Kuwait International Bank KSCP said James Eugene Galligan, general manager of retail banking department, has resigned from his position and will be replaced by Othman Mohammad Mohammad Tawfeqe.

* Kuwait International Bank Chairman Mohammed Jarrah Al-Sabah, who is also chairman of the Union of Arab Banks, said a major investment bank will be launched soon and will be owned jointly between Arab and Chinese entities, Al-Qabas reported.

* Kuwaiti banks have started implementing the IFRS 9 accounting standards on defaulted loans in line with a central bank recommendation, Al-Anba reported.

* Oman-based investment bank Financial Corporation Co. SAOG said it contacted Al Maha Financial Services LLC to express its interest in exploring a potential strategic alliance, subject to both firms agreeing to terms of the arrangement and obtaining necessary shareholder and regulatory approvals.

* Bank Muscat SAOG signed a 120 million Omani rial long-term finance agreement for Oman International Development and Investment Co. to help the company increase its capital and provide it with a long-term liquidity, Oman Daily reported.

REST OF MIDDLE EAST AND NORTH AFRICA

* Tel Aviv Stock Exchange Ltd. will delay its IPO to 2019, CEO Ittai Ben-Zeev told Bloomberg TV. The decision was reportedly due to the exchange dealing with internal matters after it sold a stake to New York-based investment fund Manikay Partners LLC.

* Meanwhile, the Australian Securities Exchange is looking to sign a dual-listing arrangement with Tel Aviv Stock Exchange Ltd., Globes reported.

* Bank Hapoalim BM said in accordance with a previous shareholders' agreement between the lender and IDB Development Co. Ltd., both companies reached an agreement for the latter to find buyers for the bank's entire 9.47% stake in Clal Insurance Enterprises Holdings Ltd. at a price of 62 shekels per share not later than Nov. 10. Should the sale not be completed by then, IDB will lose its right to refuse Hapoalim's sale of the stake. Hapoalim said it expects to book profit before tax of approximately 119 million shekels from the sale if the entire stake is sold, with the amount to be included in its fourth quarter results.

* In a new study on the prospects of the Moroccan banking sector, Moody's predicted that the operating profits of Moroccan banks will grow over the next 12 to 18 months due to the diversification of the country's economy, Agence Ecofin wrote. The rating agency also expects the three largest Moroccan banks to continue to expand abroad, particularly in sub-Saharan Africa where they are already well established.

* Egyptian Finance Minister Mohamed Maait said the country is planning a debut issuance of international sovereign sukuk in the 2019-2020 financial year, Reuters reported.

EAST AND WEST AFRICA

* Kenyan politician John Mututho urged Kenya's central bank to launch an audit of banks' safes, saying they could be holding fraudulently acquired wealth, Business Daily Africa reported. Mututho also called on the regulator to devalue 1,000 shilling and 500 shilling bank notes, saying most corruptly acquired funds are hidden in those denominations.

* The Nigerian Senate approved a planned $2.79 billion eurobond issuance but said the government should reduce foreign borrowing and seek other means of generating revenue internally instead, Reuters reported.

* Nigerian politician James Ibori, who has been jailed in the U.K. for laundering stolen funds from the Nigerian government through British banks and properties, has lost an appeal against his conviction, Reuters reported. Ibori earlier alleged that one of the British police officers who investigated him had been bribed by a private detective in exchange for inside tips on the probe and that British prosecutors concealed the corruption.

CENTRAL AND SOUTHERN AFRICA

* Moody's said it could upgrade South Africa's credit ratings if it successfully carries out structural reforms that would boost economic growth and stabilize the country's debt burden, Bloomberg News reported.

* Old Mutual Ltd. said it will sell 5,494,762 unbundled shares in Nedbank Group Ltd. to select institutional investors after Old Mutual shareholders in the U.S. failed to submit investor letters that would have enabled them to receive the shares.

* South African President Cyril Ramaphosa ordered an inquiry into alleged improprieties regarding investments by state pension fund Public Investment Co., Reuters reported. A final report by the inquiry is expected to be issued by April 2019, Ramaphosa said.

* Yunus Carrim, chair of the South African Parliament's standing committee on finance, has urged the government to exhaust all means to rescue VBS Mutual Bank under a new effective leadership, Business Day reported.

* Mozambique's government has rejected a proposal led by Credit Suisse Group AG and Russia's Bank VTB Group to restructure a $662 million defaulted loan to state-owned maritime-security company ProIndicus, Bloomberg reported. Lazard Freres SAS, financial adviser to Mozambique, said the new restructuring bid did "not meet the requirements of the authorities and is not considered a viable basis for a solution."

* Mozambican Attorney General Beatriz Buchili said the country's banks were not doing enough to help authorities crack down on corruption, making it difficult for them to recover funds diverted illegally from state institutions, O País reported. She said several financial institutions did not have a database that would provide the necessary information for criminal investigation, and proposed setting up an asset-recovery office.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: South Korea to tighten compliance rules; Dena Bank to get 41B-rupee infusion

Europe: Nordea faces money laundering claims; Wells Fargo plans EU trading hub in Paris

Latin America: Chile most competitive in LatAm; Banco Agromercantil de Guatemala head leaving

North America: U.S. Bancorp, M&T Bank post higher profits; SEC deals setback to stock exchanges

Global Insurance: Progressive's Michael estimate; Brexit preparations; MGIC boosts Q3 profit

Sheryl Obejera, Henni Abdelghani, Sophie Davies and Helen Popper contributed to this report.

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