In the last couple of weeks, several major banks have disclosed that the government’s General Authority of Zakat and Tax is seeking additional zakat payments from them for years going back as far as 2002.
The general assembly also approved the board’s recommendation to increase in percentage ownership of non-Qataris in QIB’s capital from 25% to 49%, as well as the distribution of 50% cash dividends at QR5 per share.
Sukuk are a common funding tool in the Gulf, used predominantly by Islamic banks, sovereigns and sovereign-linked firms, but issuance from private companies is seen as an important step to deepen the market.
In a conversation with Robin Amlôt, Consultant at CPI Financial, Steve Bertamini, CEO of Al Rajhi Bank, talks about the bank’s performance in 2017 and its plans in the economic development of the Kingdom of Saudi Arabia.
Sheikh Saleh bin Mohamed bin Hamad Al Sharqi, chairman of NBF, said: "NBF has delivered strong performance through its renewed focus on being the financial partner for business, and meeting its customers' professional and personal needs."