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)...