Publication Date:
Sat, 2002-10-05 03:00
JEDDAH, 5 October — Adel Faqeeh, chairman of Al-Jazeera Bank, said yesterday that the move to transform his organization into an Islamic bank was a strategic decision to provide Islamic banking products and services.
He told Al-Watan newspaper that the decision was taken after thorough studies, which showed that the Saudi market was in need of an Islamic bank.
"In the beginning, the branches will be converted to provide Islamic banking services in line with Shariah rules," Faqeeh said.
Established in 1975, Al-Jazeera has a paid-up capital of SR600 million.
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