Cabinet welcomes Saudi-Bahrain Coordinating Council

Cabinet welcomes Saudi-Bahrain Coordinating Council

:: The Saudi Cabinet on Tuesday thanked foreign leaders, officials, envoys and citizens for their condolences on the death of Prince Bandar bin Abdul Aziz, brother of King Salman. Chaired by the More »

Khalid bin Salman: Capture of ISIS leader shows commitment to eradicate terror

Khalid bin Salman: Capture of ISIS leader shows commitment to eradicate terror

:: The capture of ISIS’ leader, Abu Osama al-Muhajir, in Yemen is just the latest example of our commitment to eradicating the scourge of terrorism, Saudi Arabia’s Deputy Defense Minister Prince Khalid More »

Iran foreign minister accuses US’ Bolton of plotting for war

Iran foreign minister accuses US’ Bolton of plotting for war

:: Iran’s Foreign Minister Mohammad Javad Zarif accused US National Security Adviser John Bolton of plotting for war against Iran in a tweet on Tuesday. “Wanna know why those with proven record More »

Saudi Crown Prince departs for Asia trip including South Korea, Japan

Saudi Crown Prince departs for Asia trip including South Korea, Japan

:: Saudi Arabia’s Crown Prince Mohammed bin Salman has departed on a trip to South Korea and Japan, where he will lead the Kingdom’s delegation to the G20 summit in Osaka, the More »

King Salman promotes, appoints 38 judges at various levels

King Salman promotes, appoints 38 judges at various levels

:: King Salman issued a royal order on Monday promoting 38 judges at the Ministry of Justice at various ranks. The Kingdom is taking measures to revolutionize its judicial system. Recently, the 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

Nasser Al-Sayer

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

Khaled Olayan

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

Raghuram Rajan.

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

Hamad Buamim

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


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