Consortium to establish Saudi digital bank, subject to approvals

Published 16 Feb,2021 via Arab News - Economy RIYADH - The board of Al-Moammar Information Systems Co. (MIS) is to become a founding shareholder with a consortium of commercial entities to establish a digital bank in Saudi Arabia in compliance with Islamic law, according to Al Arabiya.

The company would contribute SR25 million ($6.66 million) to the bank’s capital, according to its statement on Tadawul, and its establishment would be subject to the approval of authorities.

“The Kingdom is one of the world’s most digitally advanced countries, and banks are leading their transformation with real-time digital solutions to meet their customers’ banking needs,” said Khaled Al-Saleh, managing director of SAP Saudi Arabia, in 2018.

“Saudi banks are driving new and innovative banking models in line with Vision 2030 goals for economic growth and diversification,” he added.

Copyright © Saudi Research & Publishing Co. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)

DISCLAIMER: This content is provided to us “as is” and unedited by an external third party provider. We cannot attest to or guarantee the accuracy of information provided in this article from the external third party provider. We do not endorse any views or opinions included in this article.