National Commercial Bank, Saudi Arabia’s biggest bank by assets, is expanding its sharia-compliant products to cater for growing demand for such products by its clients, said AbdelRazik al-Kheriji, head of the islamic finance operations in the bank.
NCB started its islamic finance operations from scratch and now the lender was able to provide 100 percent sharia-compliant products in some of its operations, he added.
NCB plans to sell 15 percent stake, or 300 million shares, to individuals at SAR 50-60 a share in one of the biggest initial public offerings in the Saudi market, according to Argaam.
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