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Banking & Insurance

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30 November 05:49 PM IsDB’s ICIEC signs agreement with Japan's NEXI to boost trade relations
Mubasher: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has partnered with Japan-based Nippon Export and Investment Insurance (NEXI), the Export Credit Agency (ECA) of Japan, through a memorandum of …
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29 November 01:52 PM Saudi banks' investments in gov’t bonds exceed SAR 474bn in October
Riyadh – Mubasher: The banks operating in Saudi Arabia have invested SAR 474.39 billion in government-issued bonds in October 2021, up 9.9% year-on-year (YoY) from SAR 431.58 billion. On a monthly basis, the banks' investment in the government's …
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28 November 02:17 PM Kuwait’s C.bank, CMA initiate campaign on crypto assets
Mubasher: The Central Bank of Kuwait (CBK) has collaborated with the Capital Markets Authority (CMA) to launch a joint financial literacy campaign on investing or dealing in crypto assets in the state, according to a press release on Sunday. …
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21 November 02:17 PM Bank Aljazira says SAR 2bn Sukuk offering to last until end-December
Riyadh – Mubasher: Bank Aljazira announced the commencement of the Tier 2 Sukuk offering on 21 November, noting that it will end on 31 December. The SAR-denominated Sukuk offering value stands at up to SAR 2 billion, while the number of notes and …
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17 November 01:31 PM Al Rajhi Takaful signs bancassurance deal with Al Rajhi Bank
Riyadh – Mubasher: Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) has penned a bancassurance contract Al Rajhi Bank. Al Rajhi Takaful has been awarded the agreement on 16 November, which will be effective for 12 months, according to …
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17 November 10:52 AM Arriyadh Development's unit repays SAR 800m credit facilities
Riyadh – Mubasher: Tanal Investment and Real Estate Development Company, a subsidiary of Arriyadh Development Company, has paid off a SAR 800 million loan granted from a bank in Saudi Arabia in an early repayment. Arriyadh Development Company has …
The new finance deal is in line with stc Bahrain’s efforts toward digitalisation
15 November 04:05 PM stc Bahrai inks $186m bullet payment loan with ADIB, MUFG Bank
Mubasher: stc Bahrai, a subsidiary of Saudi Telecom Company (stc), has inked a $186 million five-year bullet payment loan with Abu Dhabi Islamic Bank (ADIB) and MUFG Bank.  The agreement will provide liquidity to stc Bahrain to develop and improve …
This step aims to enhance the bank's financial solvency
9 November 04:56 PM Bank Albilad's board proposes 33% capital raise
Riyadh – Mubasher: The board of Bank Albilad has recommended a 33.33 % capital raise to SAR 10 billion from SAR 7.5 billion by granting one bonus share for every three shares to the bank's shareholders. To increase the capital, SAR 2.5 billion …
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7 November 01:16 PM Bank Aljazira to issue SAR-denominated Sukuk
Riyadh – Mubasher: Bank Aljazira plans to issue SAR-denominated Tier 2 Sukuk at a value of up to SAR 2 billion through a private placement. The Sukuk will hold a tenor of 10 years and can be redeemed in five years from the date of issuance, …
The financing will extend from 2 November 2021 to 31 July 2022
3 November 03:58 PM Zahrat Al Waha renews SAR 67.5m credit facilities with SAIB
Riyadh – Mubasher: Zahrat Al Waha for Trading Company has renewed the credit facilities agreement worth SAR 67.56 million with Saudi Investment Bank (SAIB). In line with the Sharia regulations, the financing will extend from 2 November 2021 to 31 …
Central Bank of Egypt
1 November 11:01 AM Saudi Arabia deposits $3bn at Egypt's central bank
Mubasher: Saudi Arabia has deposited $3 billion at the Central Bank of Egypt (CBE) to support the country's foreign reserves amid the pandemic.  Moreover, the kingdom also extended the maturity of existing deposits worth $2.3 billion, the Saudi …
Earnings per share amounted to SAR 1.35
28 October 01:12 PM SABB turns to profitability in nine months
Riyadh – Mubasher: Saudi British Bank (SABB) turned to net profits of SAR 2.775 billion in the first nine months of 2021, versus net losses of SAR 4.847 billion in the year-ago period.  Earnings per share amounted to SAR 1.35 in the period ended …
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27 October 04:30 PM Riyad Bank’s Q3 profits soar 19%
Riyadh – Mubasher: Riyad Bank reported a year-on-year (YoY) increase of 19% in net profits to SAR 1.54 billion during the third quarter (Q3) of 2021 from SAR 1.29 billion. On a quarterly basis, the net profits in Q3-21 were 2% higher than SAR 1.51 …
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27 October 03:18 PM Bank Aljazira records SAR 204.5m net profits in Q3
Riyadh – Mubasher: Bank Aljazira registered net profits worth SAR 204.5 million during the third quarter (Q3) of 2021, up 12.6% from SAR 181.6 million in Q3-20. Quarter-on-quarter (QoQ), the net profits in Q3-21 were 18.5% lower than SAR 251.2 …
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27 October 02:35 PM Banque Saudi Fransi achieves 172% higher profits in Q3
Riyadh – Mubasher: Banque Saudi Fransi recorded a year-on-year (YoY) surge of 172% in net profits to SAR 907 million during the third quarter (Q3) of 2021 from SAR 333 million. On a quarterly basis, the net profits in the July-September 2021 …
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27 October 11:50 AM SAIB posts SAR 274m profits in Q3
Riyadh – Mubasher: Saudi Investment Bank (SAIB) achieved net profits worth SAR 274.3 million during the third quarter (Q3) of 2021, down 8.9% from SAR 301.4 million in Q3-20. On a quarterly basis, the net profits in Q3-21 were 4.6% lower than SAR …
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25 October 02:56 PM ANB’s net profits down 0.5% in Q3-21
Riyadh – Mubasher: Arab National Bank (ANB) registered a year-on-year (YoY) decline of 0.5% in net profits to SAR 665 million in the third quarter (Q3) of 2021 from SAR 669 million in Q3-20. On a quarterly basis, the net profits in the …
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24 October 05:45 PM Dallah Healthcare secures long-term Murabaha facility from Al Rajhi Bank
Riyadh – Mubasher: Dallah Healthcare Company has obtained a long-term Murabaha loan worth SAR 900 million from Al Rajhi Bank. The financing facility holds a 10-year duration period from the date of receiving the Sharia-compliant funding on 24 …
The company will restructure part of short-term finances
24 October 02:50 PM Al Babtain Power signs SAR 250m medium-term banking facilities
Riyadh – Mubasher: Al Babtain Power and Telecommunication Company has inked a medium-term banking facilities agreement worth SAR 250 million with Al Rajhi Bank through Islamic Murabaha finance. Through the four-year bank financing, the company …
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24 October 12:17 PM SNB reports 20% increase in Q3 profits
Riyadh – Mubasher: The Saudi National Bank (SNB) registered a 19.8% annual growth in net profits to SAR 3.78 billion in the third quarter (Q3) of 2021 from SAR 3.15 billion. On a quarterly basis, the Q3-21 net profits were 78.7% higher than SAR …
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24 October 11:30 AM Al Rajhi Bank records nearly SAR 4bn profits in Q3
Riyadh – Mubasher: Al Rajhi Bank achieved a 42.7% increase in net profits to SAR 3.79 billion during the third quarter (Q3) of 2021 from SAR 2.65 billion in Q3-20, according to the initial financial results on Sunday. On a quarterly basis, the …
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20 October 05:27 PM SAIB plans redemption of SAR 500m sukuk
Riyadh – Mubasher: The Saudi Investment Bank (SAIB) intends to redeem its outstanding SAR 500 million Additional Tier 1 Capital Sukuk on 21 November. The Sukuk was issued through a private placement on 21 November 2016, according to a bourse …
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18 October 12:44 PM Watani Iron Steel secures SAR 25m loan from Alinma Bank
Riyadh – Mubasher: Watani Iron Steel Company has obtained a short-term credit facility worth SAR 25 million from Alinma Bank. The company has secured the Sharia-compliant loan on 27 September 2021 to finance its working capital, according to a …
The insurance coverage will begin on 8 October.
7 October 04:58 PM Bank Aljazira inks two deals with Aljazira Takaful
Riyadh – Mubasher: Bank Aljazira announced signing two agreements with Aljazira Takaful Taawuni Company, according to two bourse disclosures on Thursday.  The first agreement is a real estate financing portfolio protection services deal valued …
The restructuring terms include reinstating SAR 1.2 billion of available limit
5 October 03:51 PM Jabal Omar Development inks deal to restructure SAR 4.7bn loan
Riyadh – Mubasher: Jabal Omar Development Company has signed an agreement to restructure the SAR 4.7 billion Islamic term financing provided by the Saudi British Bank (SABB) and Saudi National Bank (SNB). The restructuring terms include …