December 2012

The Saudi British Bank (SABB) held three seminars in Riyadh, Jeddah and Alkhobar on the topic of Islamic Banking Services. The seminars, titled "Corporate Islamic Banking Solutions", were organized by the Commercial Banking Services Department and were well-attended by a large group of SABB’s prominent 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 – Shariah 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 the Kingdom of Saudi Arabia.

Mr. Mohammed Al Faris, Senior Manager of Islamic Banking for corporate customers at SABB, offered an overview of the latest financing solutions offered 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 also happens to be the Shariah compliant alternative to conventional “over -draft” product. Also, Shariah compliant trade solutions and treasury products were introduced and discussed with 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 market.

Commenting on the occasion, Thamer Jan, General Manager of Commercial Banking at SABB said, “Such seminars give us the opportunity to meet our valued customers and acquaint them with the latest news and Shariah-compliant solutions offered by SABB within an integrated system. Our top priority is to meet the client needs, and facilitate the best customer experience possible.”