VOL. XXXI
NO. 24
21-MARCH-1988
Financial and Banking News
REGIONAL BANKING
Al-Rajhi Forms Commercial Bank
Saudi Arabia's first commercial bank running on Islamic principles commencedoperations on 19 March after the conversion of the country's largestmoneychanger - Al-Rajhi Company for Currency Exchange and Commerce (ARCCEC) -into Al Rajhi Banking and Investment Corporation (ARBIC). ARBIC's capital isSR750mn and a public share flotation for 43% of the shares (issued fully~paid inSR100 denominations)...
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