Banks in Saudi Arabia charged the lowest interest rates on loans in the Gulf, according to a study conducted by Argaam Research.

 

The study— which covered banks in Saudi, Qatar, Kuwait, Oman and the United Arab Emirates— found that nine out of 15 banks that posted the lowest rates were based in the kingdom.

 

Saudi Investment Bank charged the lowest interest rate, which dropped to 3.17 percent in 2014 from 3.48 percent the previous year.

 

Qatar’s Al-Khalij Commercial Bank came second on the list with interest at 3.24 percent, followed by Saudi Samba Financial Group at 3.35 percent.

 

The interest rate is calculated by dividing bank fees and revenues charged on finance by the average size of loans extended by the included lenders in 2013 and 2014.

 

Lowest Interest Rates on Loans in GCC

Change

2014

2013

Country

Bank

(0.32.5)

3.17%

3.48%

Saudi

Saudi Investment Bank

0.10%

3.24%

3.14%

Qatar

Al Khalij Commercial bank

(0.27%)

3.35%

3.62%

Saudi

Samba Financial Group

(0.26%)

3.37%

3.63%

UAE

National Bank of Abu Dhabi

(0.03%)

3.55%

3.57%

Saudi

Banque Saudi Fransi

(0.18%)

3.66%

3.84%

Saudi

Saudi British Bank

(0.02%)

3.79%

3.80%

Saudi

Saudi Hollandi Bank

0.02%

3.85%

3.83%

Saudi

Riyad Bank

(0.17%)

3.88%

4.05%

Saudi

Arab National Bank

(0.32%)

3.90%

4.23%

Saudi

Bank Aljazira

(0.46%)

3.93%

4.39%

Saudi

Bank Al-Bilad

(0.26%)

4.23%

4.49%

Kuwait

National Bank of Kuwait

0.04%

4.23%

4.19%

Qatar

Masraf Al Rayan

(0.27%)

4.23%

4.50%

Kuwait

Al Ahli Bank of Kuwait

(0.49%)

4.31%

4.79%

Qatar

Ahli Bank
 

As many as 12 banks in the UAE occupied the list of top 15 banks in the Gulf with the highest interest rate. RAKBANK charged an average 12 percent, the highest rate. Kuwait Finance House came second at 8.22 percent.

 

Argaam’s research covered 51 banks in the Gulf: 18 from the UAE, 12 from Saudi, nine from Kuwait, eight from Qatar, and four Oman-based.

 

Lenders that have not disclosed their detailed financial results for 2014 or are less than two years old were not included in the study.

 

Highest Interest Rates in GCC

Change

2014

2013

Country

Bank

(0.37%)

11.99%

12.36%

UAE

National Bank Of Ras Al Khaimah- RAK BANK

1.03%

8.22%

7.19%

Kuwait

Kuwait Finance House

(0.38%)

6.83%

7.21%

UAE

Dubai Islamic Bank

(0.50%)

6.83%

7.33%

UAE

Invest Bank

0.09%

6.80%

6.70%

UAE

United Arab Bank

0.31%

6.71%

6.40%

UAE

National Bank of Umm Al Qaiwain

0.04%

6.26%

6.21%

UAE

Mashreq Bank

(0.37%)

6.09%

6.46%

UAE

Abu Dhabi Islamic Bank

(0.23%)

5.93%

6.15%

UAE

National Bank of Fujairah

0.22%

5.93%

5.71%

UAE

Emirates Islamic Bank

(0.13%)

5.83%

5.96%

UAE

Sharjah Islamic Bank

(0.29%)

5.64%

5.93%

UAE

First Gulf Bank

0.46%

5.50%

5.04%

Kuwait

Commercial Bank of Kuwait

(0.40%)

5.30%

5.70%

Oman

National Bank of Oman

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