VOL. XLI

No. 11

16-March-1998

SAUDI ARABIA

Al-Rajhi Produces Record Profits

Saudi Arabia's only wholly-Islamic bank, al-Rajhi Investment Corporation, has producedanother strong performance for 1997 which will probably maintain it as the most profitablebanking institution in the Kingdom. Many of the conventional banks in Saudi Arabia havelaunched Islamic banking units or branches, but they remain essentially niche playersagainst an institution with the largest branch network of any of the banks...