The forerunner of Islamic banking is Ahmed Al-Najjar, an Egyptian financier. Thanks to the activities of Al-Najjar, Saudi Arabia is the center of Islamic banking.
According to Islamic traditions, a Muslim cannot use the money earned from the sale of alcohol. Life phenomena such as pornography and a business built on this cannot be a means of acquiring capital for a Muslim.
Islamic banking forbids usury, speculation. There is a ban on transactions with futures. For example, it is prohibited to sell crops that have not yet grown and not harvested.
The government of Saudi Arabia has decided that the large share of securities of profitable companies in the country should not be placed abroad, but invested in the country’s economy.
A similar approach and an increase in deposit payments brought results. The economy of the Kingdom, banking, small and medium-sized businesses are booming.
In 2014, 25% shares of the National Commercial Bank were placed on the Saudi Tadawul exchange. Currently, National Commercial Bank has representative offices in Beirut, Bahrain, Seoul, Kosovo, and London.
At the beginning of August 2019, National Commercial Bank’s shares were quoted at SAR 53.30. In American national currency, this amount corresponds to a little more than USD 14.0.
You can purchase shares of the National Commercial Bank or AlAhli Bank, and it is enough to register on the Tradeallcrypto platform. Then choose Trading with tradeallcrypto.biz, National Commercial Bank’s tools.
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