According to Islamic traditions, it is forbidden to use money received as a result of usurious activity or speculation. Lending to individuals and enterprises was a part of Saudi Hollandi Bank’s business.
This financial mechanism was dominant and was called the dealership. Exchange dealers successfully competed with foreign banks operating in the territory of Saudi Arabia. Exchange dealers were a kind of prototype of Islamic banks
Exchange dealers provided cash loans that were declared interest-free. However, a fee was supposed to be charged for the provision of the loan.
In the 1920s and 1930s, serving the financial needs of pilgrims accounted for about 75% of the profits to the state treasury. In 1932, King Abdel Aziz created the General Financial Agency, which was then transformed into the Ministry of Finance of the Kingdom.
After discovering oil fields in 1939, revenue from the sale of crude oil to the Kingdom’s treasury increased significantly. There was a necessity for the exchange of funds for the internal needs of the state.
The Kingdom was in dire need of industrial equipment that could be acquired from abroad. Moreover, the country did not have a single national currency.
King of Saudi Arabia, Abdul Aziz, introduced a single monetary unit – the Saudi riyal. In 1976, King Faisal tied the Saudi riyal to the US dollar. The cost of 1 dollar corresponded to 3,75 riyals. This price has been preserved to this day.
In the 50s of the twentieth century, Saudi Hollandi Bank opened branches in Mecca, Jeddah, Al Khobar, Dammam, Riyadh, Qatif, becoming the leading financial institution in Saudi Arabia.
In 2017, Saudi Hollandi Bank changed its name to Alawwal Bank, which means “first” in Arabic, and acquired a 40% stake in the Royal Bank of Scotland (RBS).
At the end of July 2019, Alawwal was acquired by Saudi British Bank.
To buy Saudi Hollandi Bank shares or Alawwal Bank, register on the Dowmarkets platform, choose to trade with Dowmarkets.сom, Saudi British Bank instruments.
On August 5, 2019, shares of the Saudi British Bank were traded at 38,10 riyals. This amount corresponds to a little over $10.
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