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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Al Rajhi Banking and Investment Corporation    1120   SA0007879113

AL RAJHI BANKING AND INVESTMENT CORPORATION

(1120)
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Saudi Arabia joins Islamic finance body, could boost cross-border deals

10/22/2017 | 10:15pm EST

(Reuters) - Saudi Arabia's central bank has joined an international standard-setting body for Islamic finance, a move that could help standardise industry practices and ease cross-border transactions in the Kingdom.

The Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) said in a statement late on Sunday it had admitted the Saudi Arabian Monetary Agency (SAMA) as an institutional member.

Islamic products represent around half of banking system assets in the Kingdom, but the regulator doesn't distinguish between Islamic or conventional banks and applies the same prudential standards to all of them.

Islamic finance follows religious principles such as bans on gambling and outright speculation, with interest-bearing products deemed off-limits.

SAMA confirmed the move in a separate statement, without specifying whether it planned to make AAOIFI standards enforceable or if it would adopt all or some of them.

Saudi-based Islamic banks include Al Rajhi Bank (>> Al Rajhi Banking & Investment Corp SJSC) and Alinma Bank (>> Alinma Bank), while National Commercial Bank (>> National Commercial Bank SJSC) is in the process of converting into a full-fledged Islamic lender.

Saudi lenders remain domestically focused, but adopting AAOIFI standards could help them venture into other majority-Muslim countries.

The Saudi government has also taken steps to tap into Islamic finance, issuing debut Islamic bonds earlier this year denominated in both riyals and U.S. dollars.

(Reporting by Bernardo Vizcaino; Editing by Eric Meijer)


© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AL RAJHI BANKING AND INVESTMENT CORPORATION -0.40% 74.4 End-of-day quote.1.09%
ALINMA BANK -0.37% 16.28 End-of-day quote.0.62%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
THE NATIONAL COMMERCIAL BANK -0.34% 44.6 End-of-day quote.2.88%
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Financials
Sales 2020 20 030 M 5 340 M 5 340 M
Net income 2020 10 072 M 2 685 M 2 685 M
Net Debt 2020 - - -
P/E ratio 2020 18,0x
Yield 2020 2,14%
Capitalization 186 B 49 576 M 49 587 M
Capi. / Sales 2020 9,29x
Capi. / Sales 2021 8,79x
Nbr of Employees -
Free-Float 94,1%
Chart AL RAJHI BANKING AND INVESTMENT CORPORATION
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Al Rajhi Banking and Investment Corporation Technical Analysis Chart | 1120 | SA0007879113 | MarketScreener
Technical analysis trends AL RAJHI BANKING AND INVESTMENT CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 67,95 SAR
Last Close Price 74,40 SAR
Spread / Highest target 8,87%
Spread / Average Target -8,67%
Spread / Lowest Target -24,3%
EPS Revisions
Managers and Directors
NameTitle
Walid bin Abdullah Ali Al-Moqbel Chief Executive Officer
Abdullah Sulaiman Abdulaziz Al-Rajhi Chairman
Abdulrahman Abdullah Abdulrahman Al-Fadda Chief Financial Officer
Salah bin Ali Aba Al-Khail Non-Executive Director
Abdulaziz bin Khaled bin Ali Al-Ghefaily Non-Executive Director