JEDDAH, 9 November 2004 — The founders of Al-Bilad Bank, an Islamic bank created through the merger of eight money exchangers in the Kingdom, have emphasized their readiness to face risks for the success of Islamic banking, according to Azzam ibn Abdullah Aba Al-Khail, executive president of the bank.
Addressing an iftar party held in honor of the bank’s staff, Aba Al-Khail highlighted the efforts made by Islamic scholars and researchers in developing innovative Islamic banking products. “Capital owners and investors have put their confidence in the Shariah team with the hope that it would come out with products that would be able to compete with others in local and regional markets,” Al-Eqtisadiah business daily quoted him as saying.
He also stressed the role of the working team in promoting the bank’s services and products.