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Major Bank AlJazira is a commercial bank of the Kingdom of Saudi Arabia that was established in 1976. Currently, Bank AlJazira offers the following services: lease financing, currency exchange, treasury services, lending.
One of the main activities of the bank is the provision of consulting services, assistance with capital management, and securities brokerage. Bank AlJazira sponsors American Express, Visa, and other cards.
Since 1998, Bank AlJazira has been practicing exclusively Islamic banking.
Bank AlJazira was established by Royal Decree in 1976. The main office of the company is located in Jeddah.
Saleh Abdullah Kamel was the founder of Bank AlJazira and the television company of the same name. In 2017, Saleh Abdullah Kamel was arrested on corruption charges.
Mohammed bin Salman is considered the initiator of the arrest of Kamel and other people in the business. He is the crown prince of Saudi Arabia, who sees Saudi Arabia as a high-tech, developed, and modern state.
Since 1998, Bank AlJazira has been carrying out financial activities exclusively as an Islamic bank. It means that banking at Bank AlJazira must comply with Sharia principles: a ban on usury, no futures transactions. According to Islamic traditions, “playing with time” is prohibited. Therefore financial transactions are oriented towards real time and the real economy. Speculation and gambling are also prohibited. Therefore operations with binary options and other instruments are not practiced at Bank AlJazira.
The annual growth of Sharia banking in Islamic countries was about 17% and was estimated at over two trillion dollars. Sharia financial structures operate in 105 countries of the world.
In 2015, Bank AlJazira was recognized as the best private financial institution in the Kingdom of Saudi Arabia.
According to economic reports, profit in the first quarter of 2019 exceeded expectations of the Forex analysts. Bank shares rose 0.35% and added another 21.29% of the profit.
Net income for the first quarter reached 263.3 million riyals. In US national currency, this number corresponds to an amount of 70.21 million dollars.
One of the main reasons for Bank AlJazira’s profit growth is a 3% increase in lending compared to the fourth quarter of 2018. Total revenue for the first quarter amounted to 749.9 million riyals.
The net profit of the bank increased by 7% due to an increase in income from banking operations by 8%. Besides, profit growth is associated with increased income from commissions, exchange transactions, bank and commission fees, and revenue from non-trade investments.
According to a study by Karim Kekhia, a financial analyst at Arqaam Capital, the growth in Bank AlJazira’s securities value and profit as a whole will continue. Also, the management of Bank AlJazira plans to increase its income by participating in the profitable sectors of defense, healthcare, and entertainment.
According to the financial report, the price of the bank’s shares rose 0.35%. One share now costs 17.32 riyals, which corresponds to 4.8 dollars. On August 1, 2019, Bank AlJazira shares were traded at 15 SAR. This amount corresponds to 4 dollars.
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