VOL. XXXII

NO. 41

17-JULY-1989

Financial and Banking News

REGIONAL BANKING

ARBIC Reports 1988 Profits of $157mn

Al-Rajhi Banking and Investment Corporation (ARBIC) has reported net profitsof SR588.2mn ($157mn) for the period from 19 March 1988 to the end of the year.ARBIC commenced operations on 19 March as Saudi Arabia's first commercial bankrunning on Islamic principles, after its converting from being the Kingdom'slargest moneychanger as Al-Rajhi Company for Currency Exchange and Commerce(MEES,...