SABB Holds Seminars On Islamic Banking Solutions

The Saudi British Bank (SABB) recently held three seminars in Riyadh, Jeddah and Al-Khobar titled “Corporate Islamic Banking Solutions” organized by the bank’s Commercial Banking Services Department and were well-attended by a large group of SABB ‘s corporate customers.

The seminars featured Dr. Mohammed Al-Ossaimi, Islamic Economy Professor at the Imam Muhammad Bin Saud Islamic University; Dr. Sami Alsowalim – Head of the Product Development Center at the Islamic Development Bank and Sheikh Nizam Yaqubi – Shari’ah board member of The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

The seminars covered the opportunities and challenges facing Islamic banking.

The seminars also discussed the promising future of Islamic banking in light of how it differs from conventional banking, particularly in Saudi Arabia.

Mohammed Al Faris, Senior Manager of Islamic Banking for Corporate Customers at SABB , offered an overview of the latest financing solutions such as the “Cash Line” product, the first-of-its-kind in the Saudi market which allows corporate customers to obtain liquidity with a high degree of flexibility.

The product is also the Shari’ah-compliant alternative to conventional “overdraft” product.

Also, Shari’ah compliant trade solutions and treasury products were introduced and discussed with the attendees. In addition, the seminars showcased a wide range of hedging solutions against foreign exchange and financing rate fluctuations, which reflects SABB ‘s pioneering role in the local and international markets.

Saudi Gazette