The week in money

15% spike

Money transfer firm Xpress Money says it recorded a 15 per cent spike in remittances from the UAE during Eid Al Adha. The increase was most noticeable to receiving countries with large Muslim populations: Egypt, Jordan, India, Pakistan and Bangladesh.

Investors more aware of risk

Nine in 10 UAE investors are more aware of risk owing to the past 12 months of market volatility. The survey, released by investment management firm Quilter Cheviot this week, revealed that the oil price slump coupled with recent market swings, has led to investors having a greater understanding of where their money is invested. The research focused on those with a minimum of $50,000 invested.

Low takaful take-up

Almost three-quarters of Emiratis do not have takaful life coverage, a financial health check study for the third quarter of 2016 from the Sharia-compliant savings scheme, National Bonds, revealed this week. Within the Emirati pool of respondents, 89 per cent said they were not insured against disability through takaful.

Siri to ‘help’ with payments

Mashreq has become the first UAE bank to use Apple’s Siri to activate voice-powered payments. The new feature for mobile users, allows customers to transfer money using the iPhone’s virtual assistant. To transfer, users must say how much they want to send, to who and confirm either their PIN or touch identification.


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