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    1120   SA0007879113

AL RAJHI BANKING AND INVESTMENT CORPORATION

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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)


ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AL RAJHI BANKING AND INVESTMENT CORPORATION -0.74% 133.4 End-of-day quote.81.25%
ALINMA BANK -0.71% 22.5 End-of-day quote.39.06%
DJ ISLAMIC MARKET EUROPE -0.18% 5163.06 Delayed Quote.8.20%
DJ ISLAMIC MARKET WORLD 0.59% 6187.64 Delayed Quote.14.11%
FTSE NASDAQ DUBAI KUWAIT 15 SHARIAH INDEX 0.21% 4539.24 Delayed Quote.25.52%
FTSE SHARIAH ALL-WORLD INDEX -0.65% 3410.23 Delayed Quote.11.58%
S&P 500 SHARIAH INDEX 0.97% 4511.04 Delayed Quote.25.58%
SHARIAH MULTINATIONALS 150 INDEX -0.77% 3858.62 Delayed Quote.15.14%
THE SAUDI NATIONAL BANK 1.79% 62.5 End-of-day quote.44.18%
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Financials
Sales 2021 25 510 M 6 800 M 6 800 M
Net income 2021 14 740 M 3 929 M 3 929 M
Net Debt 2021 - - -
P/E ratio 2021 22,6x
Yield 2021 2,45%
Capitalization 334 B 88 903 M 88 902 M
Capi. / Sales 2021 13,1x
Capi. / Sales 2022 11,3x
Nbr of Employees -
Free-Float 90,4%
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 133,40 SAR
Average target price 133,29 SAR
Spread / Average Target -0,09%
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Managers and Directors
Walid bin Abdullah Ali Al-Moqbel Chief Executive Officer
Abdulrahman Abdullah Abdulrahman Al-Fadda Chief Financial Officer
Abdullah Sulaiman Abdulaziz Al-Rajhi Chairman
Abdullah Sulaiman Al-Nami Chief Compliance Officer
Alaa bin Shakeeb Al-Jabri Independent Vice-Chairman