The Shoura Council yesterday emphasized the need for allowing the General Auditing Bureau (GAB) to verify the accounts of commercial banks having at least 25 percent state shares.
“The meeting stressed the need to enable the bureau to audit accounts of banks in which the government has a share of not less than 25 percent in their capitals,” said an official statement carried by Saudi Press Agency.
Finance Committee Chairman Saad Marik said the majority of the house also agreed on the need to allow the bureau to check final state accounts with the Finance Ministry.
The Saudi Arabian Monetary Agency (SAMA) indicated in its latest monthly report recently that the Kingdom’s 12 banks could be heading for their best financial year.
SAMA put the total net earnings of the banks at SR 28.75 billion during the first 10 months of 2012, below the full year profits of SR 30.9 billion in 2011 but above the 2010 net income of about SR 26.1 billion.
The Shoura meeting, which was chaired by Vice President Muhammad Al-Jefri, congratulated Custodian of the Two Holy Mosques King Abdullah on his speedy recovery following a successful back operation.
King Abdullah left King Abdul Aziz Medical City in Riyadh, where he underwent the surgery, on Thursday. The Shoura also congratulated Crown Prince Salman, the royal family and all Saudis on the happy occasion.
“All citizens were extremely happy to see King Abdullah getting out of the hospital in good health. It reflects their love toward the king,” the Shoura’s vice president said.
“May Allah protect King Abdullah and bless him with good health to continue his reform and development programs,” he added.
Muhammad Al-Amr, secretary-general of the consultative body, said the meeting approved alterations to the Military Officers Law, which included increase in transport and contagious disease allowances.
The Shoura meeting also discussed the Education Ministry’s annual report and urged the ministry to implement its existing development programs on priority, before starting new ones.
Shoura calls for GAB auditing of banks
