Muhammad Al-Jasser

Alinma Bank launches full operations

Prince Sattam was the guest-of-honor at the formal opening ceremony of Alinma Bank in Riyadh on Sunday. The event marked the official launch of the bank’s full operations at its branches across the Kingdom.
Prince Sattam ceremonially announced the commencement of all of Alinma’s banking services. Saudi Arabian Monetary Agency Gov. Muhammad Al-Jasser was also present at the function held at the Al-Anoud Novotel Hotel.

Saudi shares fall on bank loan provisions

Saudi Arabian shares fell for a fourth day after banks in the kingdom reported lower third- quarter profit on provisions for bad loans.
Saudi banks have been hurt since the onset of the global credit crisis as provisions for bad loans rose and lending slowed after the Saad and Algosaibi business groups defaulted on at least US$15.7 billion of loans. Saudi British Bank, the lender 40% owned by HSBC Holdings Plc, Al-Rajhi Bank, Saudi Arabia’s biggest by market value, and Arab National Bank were among 10 out of the 11 banks in the nation that reported a decline in third-quarter profit last week.
The country’s banks will be required to make 100% provisions against non-performing loans, central bank Governor Muhammad al-Jasser said in an interview shown on Dubai-based Al Arabiya television on October 12.

New governor of Saudi Arabian Monetary Agency may promote Islamic finance further

The appointment of Muhammad Al-Jasser last month as the new governor of the Saudi Arabian Monetary Agency (SAMA). Foreign regulatory officials and bankers expect a much more proactive policy approach from the new governor. Others expect SAMA under Al-Jasser to open up to Islamic banking in particular and to show leadership in this field in the light of the growing globalization of the industry.

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