Saudi King and Crown Prince Condole Kuwait
In a heartfelt gesture of solidarity, Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman expressed their deepest condolences to the Emir of Kuwait on Monday following the passing of Sheikh More »
Putin and Abbas Discuss Gaza Crisis
Russian President Vladimir Putin is set to meet with Palestinian President Mahmoud Abbas on Tuesday during Abbas’ visit to Russia. Arriving on Monday, Abbas aims to discuss the ongoing Gaza conflict with More »
Saudi Arabia Voices Strong Support for Gaza Peace Initiatives
Saudi Arabia has firmly aligned itself with the recent joint statement made by President Joe Biden of the United States, President Abdel Fattah El-Sisi of Egypt, and Sheikh Tamim bin Hamad Al-Thani, More »
Saudi Crown Prince, US Secretary of Defense discuss troop deployment
:: Saudi Arabia’s Crown Prince Mohammed bin Salman received a phone call on Wednesday from the US Secretary of Defense during which they discussed ongoing arrangements to send US troops of a More »
Saudi Energy Minister confirms restoration of Kingdom’s gas production capacity
:: Saudi Arabia’s Minister of Energy confirmed on Wednesday the restoration of production capacity, affirming the Kingdom’s position as a reliable energy supplier in the global market. The energy minister, Prince Abdulaziz More »
Category Archives: Banking
Dial 1900 if you are asked to pay extra for credit card use
There is good news for customers using credit cards for the payment of goods and services with the government’s announcement of prohibiting any extra charge on customers besides the actual value of the item or service. The new regulation will
Business booming for money changers
Pilgrims are now frequenting currency exchanges in their thousands in downtown Madinah to change their currencies to help them shop in the Taiba market. Numbers of such pilgrims have skyrocketed with large groups of pilgrims and visitors to Madinah arriving
NCB pledges conversion to Islamic bank after pressure from scholars
RIYADH: National Commercial Bank (NCB) has responded to criticism of its operations from Islamic scholars by pledging to convert itself into a full-fledged Islamic bank within about five years. The decision came as the bank launched a $6 billion (SR22.5
NBK posts $708m net profit for nine months
National Bank of Kuwait (NBK) reported net profits of $708 million (KD203.9 million) for the first nine months of 2014 compared to $689.4 million (KD198.6 million) for the same period in 2013, growing 2.7 percent year-on-year. As of end of
SABB profit up 17.8% for nine months
The Saudi British Bank (SABB) has reported a net profit of SR3,297 million for the nine months ended Sept. 30, an increase of SR499 million or 17.8 percent compared to SR2,798 million for the same period in 2013. SABB reported
French bank turns to Twitter for money transfers
One of France’s largest banks launched a service on Tuesday to allow its customers to transfer money to other people via tweets on social network Twitter Inc.. The move by Groupe BPCE, France’s second largest bank by customers, is an
KSA banks set high security standards
Saudi banks are committed to applying the highest international standards and best practices to protect their systems, says an industry leader. Tough measures against financial fraud, money-laundering and the funding of terrorism have placed the Kingdom’s banking sector among the
Indian rupee recovers from five-month lows
MUMBAI: The Indian rupee recovered from five-month lows as some of the currency’s recent losses were seen as overdone even as sentiment stayed weak given the global geo-political concerns. The rupee fell marginally over the week to mark a second
SR1bn Eid boost: SAMA injects new currencies
The Saudi Arabian Monetary Agency (SAMA) has pumped new Saudi Riyal currencies worth SR1 billion to meet growing demand on the occasion of Eid Al-Fitr, when the Saudi central bank usually issues new currencies in different denominations. “The newly issued
Value of Saudi Arabia’s Islamic banking assets reaches $285bn
The Dubai Chamber of Commerce and Industry based on a recent study by Ernst and Young stated that global Islamic banking assets have registered cumulative annual growth rate of about 16 percent during 2008-2012, reflecting the radical shift from conventional
BSF posts SR1.74 billion net profit for H1
Banque Saudi Fransi (BSF) realized a net profit of SR1.74 billion for the first six months of 2014 compared to SR1.45 billion for the previous year, an increase of 20.33 percent. Announcing the interim financial results for the six-month period
4 steps to strengthen your personal finances
The financial crisis of 2008 triggered a recession and dramatic drop in stock markets around the world. In many parts of the world, the unemployment level soared and many investors suffered significant setbacks to their savings and net worth. It
Islamic banking rebrands in attempt to go mainstream
Islamic banking is based on core principles of the religion. So it is striking that some banks are removing the word “Islam” from their names — a sign of both the potential of Islamic finance to grow, and the obstacles
Be alert against bank frauds
Fraudulent financial and banking practices are growing worldwide, posing a real threat to electronic financial dealings, said Talaat Hafiz, secretary general of the media and awareness committee for Saudi banks. The committee has launched a campaign to enlighten the public
Banking
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