National Commercial Bank

National Commercial Bank, known as AlAhli Bank, is the second-largest bank in the Arab world. National Commercial Bank was established in 1953.

AlAhli Bank's business area is financial services, treasury, consumer finance, investment business, corporate business, retail.

National Commercial Bank, or AlAhli Bank, is a bank in the Kingdom of Saudi Arabia. It is the second-largest bank in the Arab world, formed in 1953 by Shih Salem Ahmed Bin Mahfouz, the personal banker of the Saudi royal family.

The size of the bank's financial assets according to the financial statements is more than 119,73 billion US dollars. National Commercial Bank has over 10,000 employees in all branches.

AlAhli Bank is an open joint-stock company. The main office of the company is located in Jeddah.

AlAhli Bank was the first commercial bank in Saudi Arabia to receive a license for financial activities in the Kingdom. In 1999, the Government of Saudi Arabia acquired a controlling stake in the bank through the Public Investment Fund.

The Ministry of Finance of the Kingdom is the main shareholder of AlAhli Bank; it owns more than 90% of the shares. AlAhli Bank is an active investor with a 67.03% stake in Turkiye Finans Katilim Bankasi (TFKB), Turkey's leading bank.

The uniqueness of the banking system of Saudi Arabia lies in the possibility of the functioning of traditional banking and the provision of financial services according to the Sharia traditions. National Commercial Bank provides business and commercial services exclusively in the tradition of Islamic banks.

The emergence of Islamic banking and the National Commercial Bank

The founder of Islamic banking is Ahmed Al-Najjar. Thanks to the implementation of the ideas of the Egyptian financier Al-Najjar, Saudi Arabia became the center of Islamic banking.

The well-known saying that “money has no smell” can in no way be applied to Islamic principles of banking. For example, a Muslim cannot use the money earned from the sale of alcohol. It is considered a sin.

Life phenomena such as pornography and a business built on this cannot be a means of earning money for a Muslim. Islamic banking forbids usury and gambling. Money must be clean.

There is a ban on futures transactions. Since playing with time is not allowed. For example, it is forbidden to sell crops that have not yet grown. The traditions of Islamic society are focused on real-time and the real economy.

Many European financial partners of the banks of the Kingdom of Saudi Arabia have appreciated the reliability of cooperation with Islamic banks. The rapid development of Islamic banking can be observed in the UK.

The golden age of the financial system of Saudi Arabia and AlAhli shares

The government of Saudi Arabia has decided that the lion’s share of the securities of the country’s profitable companies should not be placed abroad, but invested in the country’s economy.

This decision pushed the heyday of the country’s economy. Medium and small businesses are booming. In 2014, the AlAhli board placed 25% of its shares on the Tadawul exchange. AlAhli’s public offer was 15% of the share capital of the National Commercial Bank.

Currently, National Commercial Bank has branches in Beirut, Bahrain, Seoul, Kosovo, London.

National Commercial Bank shares are successfully traded on the Tadawul exchange. In early August 2019, AlAhli securities were valued at 53.30 SAR. This amount corresponds to more than 14 dollars.

To become a shareholder of the National Commercial Bank or AlAhli Bank, register on the Dowmarkets platform, choose to trade with Dowmarkets.сom, National Commercial Bank instruments.