Financial and Banking News
Saudi Insurance Company Opens for Business
The Saudi Ministry of Commerce last month approved the articles of association of the National Company for Cooperative Insurance (NCCI), which was set up in 1985 by Royal Decree. According to NCCI's general manager, Mr. Musa al-Rubayyan, the company's insurance system is Islamic because of the cooperative sharing of risk by policy holders. NCCI is now gearing up to expand throughout the Kingdom,...