Connect with us

Hi, what are you looking for?


NCB to be Islamic bank in 5 years

National Commercial Bank, or NCB, the largest bank in Saudi Arabia, has decided that it will become a fully Islamic bank in the next five years. The state-run bank’s decision came in the midst of a $6 billion IPO, the largest ever equity sale in the Arab financial world, which came in for criticism by some members of the Council of Senior Scholars, the country’s highest reglious body, which said it will not be possible to invest in the bank’s share offer because much of its business in non-Islamic. The bank has assets worth $116 billion. The bank has been working on the basis of Shaira banking guidelines, but it has been following several western banking conventions as well.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.