VOL. XXXIII

NO. 29

23-APRIL-1990

Financial and Banking News

Regional Banking

Al-Rajhi Declares Spectacular Profits

Al-Rajhi Banking and Investment Corporation has declared profits ofSR1,027.9mn for 1989, its first full year of operation, making it by far themost profitable of Saudi Arabia's 12 commercial banks. A 20% dividend has beenproposed. The increase in profits was mainly due to a near doubling of revenuefrom murabaha (Islamic trade finance) operations. These accounted for 89% of thebank's...