eFinancialCareers

The financial crisis may have dared to stick its ugly head above the parapet in the GCC, but one area seemingly sheltered from the machinations of the global markets is the Islamic finance space where firms remain as hungry for talent as ever. The consensus among experts is that the sector is due to grow by 20-25% annually in the long term, as studies by both Dow Jones and Ernst... Read more

If you’re an Islamic finance professional based in the Middle East and are hoping to penetrate the UK market, the message is clear - don’t bother. The Middle East might be a more mature market in this space currently, but London is intent on developing its own talent. Gatehouse Bank, a recently-established UK-based Islamic finance house, predicts that the number of players in the London market will double over the... Read more

UBS is planning to expand its Islamic finance capabilities as part of its push into the Middle East, but there are signs that the sector is losing its shine in the region. The Swiss bank already has big plans. Last month it announced that it was set to double headcount in equity research and investment banking. Now, a spokesperson says it also plans to increase activity and headcount in Islamic... Read more

The UAE banking sector has had no shortage of commentators singing its praises over Emiratisation. But are the local banks living up to the hype? While international banks like Barclays, HSBC and Standard Chartered have been singled out for their Emiratisation commitments, most of the multinational firms in the freezone of the Dubai International Finance Centre (DIFC) are exempt from the quota. The onus is on the local banks, who have take... Read more

Pay in the Middle East is spiralling. It now makes up almost 60% of banks’ operating costs. A survey by consultancy Hewitt Associates suggests salaries in Oman and Qatar lead the way when it comes to eating into banks’ profits. But pay across the Middle East banking sector is becoming a problem – particularly when you consider that the average US bank aims to keep compensation costs below 50% of... Read more

Jobs are plentiful, talent is scarce, competition is fierce and fickle financial services professionals in the Middle East are now changing jobs every seven months. The skills shortage in financial services in the Middle East is well known and it seems bankers are using this to their advantage – bolting after bonuses and shifting jobs for extra cash or a better position. Speaking at a recent conference, and citing headhunter... Read more

Losing your job is never nice, but in Dubai it’s a particularly horrible experience – especially if you’re an expat. The root of the horror is that both residency and the right to work for expats working in Dubai’s finance industry are dependent on sponsorship by the employer. If you’re laid off, this goes up in smoke and you have 30 days to leave the country, unless a new employer... Read more

Islamic finance is already hot, and it looks set to reach boiling point, with the Middle East emerging as one of the major players. But a lack of talent could threaten future growth. In its report ‘Oiling a virtuous banking cycle’, Goldman Sachs predicts that total Islamic banking assets in the UAE will reach $87bn by 2010. This represents 11.3% of global market share, and an annual growth rate of 28%. “There are... Read more