NO. 19


Financial and Banking News

Economic Policy

Riyad Bank Share Issue More than Four Times Oversubscribed

Riyad Bank's SR3.8bn ($1bn) public share flotation was more than four times oversubscribed, despite statements by some religious leaders that owning shares in interest-based banks is contrary to the tenets of Islam. When the issue closed on 29 January 690,000 applications had been made for a total of 26.2mn shares. Each share is priced at SR475 ($126). The total...