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Peter W. Wilson - A Question of Interest: The Paralysis of Saudi Banking

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Book:
A Question of Interest: The Paralysis of Saudi Banking
Author:
Peter W Wilson
Publisher:
Routledge
Genre:
Books / Computer
Year:
2021
City:
London
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In Saudi Arabia today a classic confrontation between Islamic fundamentalism and modernism has brought the Saudi banking system virtually to a state of paralysis. The debate is between those upholding the traditional Islamic prohibition against charging interest on loans and those who wish to see a modern banking system capable of generating credit to support economic development. Drawing on personal experience, interviews, and unpublished primary sources, Peter Wilson tells a dramatic story of powerful personalities, clashing cultures, and often mysterious institutions with a journalists eye for the telling anecdote as well as for the statistical evidence.

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A QUESTION OF INTEREST

The Paralysis of Saudi Banking

First published in 1991 by Westview Press

Published in 2021 by Routledge

605 Third Avenue, New York, NY 10017

2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

Routledge is an imprint of the Taylor & Francis Group, an informa business

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Notice:

Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

Library of Congress Cataloging-in-Publication Data

Wilson, Peter W.

A question of interest : the paralysis of Saudi banking / by Peter

W. Wilson.

p. cm.

Includes bibliographical references.

ISBN 0-8133-8107-X

1. Banks and bankingSaudi Arabia. 2. InterestGovernment

policySaudi Arabia. 3. Banks and bankingReligious aspects

Islam. I. Title.

HG3263.A6W55 1991

332.8209538dc20

90-21793

CIP

ISBN 13: 978-0-3670-1597-8 (hbk)

ISBN 13: 978-0-3671-6584-0 (pbk)

CONTENTS

1 The Day the Saudi Ranking System Was Saved

Notes

2 The Origins of the Kingdoms Banking System

Early History

Initial Problems

The Start of Oil Production

Banks in 1948

The Founding of SAMA

The Currency Problem

The Growth of Banks and the First Bank Crisis

Notes

PART TWO

THE PLAYERS

3 The Authorities: The Ministry of Finance and SAMA

The Ministry and the Agency

SAMA: Central Bank or Agency?

SAMAs Regulation of the Banking System

Staffing Problems

Conclusion

Notes

4 The 12 Saudi Banks

National Commercial Bank

Riyad Bank

Saudi American Bank

Saudi French Bank

Al-Rajhi Banking and Investment Corporation

Arab National Bank

Saudi British Bank

Albank Alsaudi Alhollandi

Saudi Cairo Bank

United Saudi Commercial Bank

Saudi Investment Bank

Bank Al-Jazira

Notes

5 Moneychangers, Government Lending Institutions, Islamic Banks and Off-shore Banking Units

Moneychangers

Government Lending Institutions

Islamic Banks

Off-shore Banking Units

Notes

PART THREE

THE PROBLEM OF NON-PERFORMING LOANS

6 The Problem Begins

Background

The Day of Reckoning

Notes

7 The Courts and the Bad Loan Problem

The Origins of the Saudi Legal System

The Banks and the Courts

Last Gasp Measures

Notes

8 SAMA, the Banks and Efforts to Control Bad Loans

The SAMA Panel

The Banks Fight Back

Special Committee for Princes

Conclusion

Notes

PART FOUR

OTHER CHALLENGES

9 The Problem of the Capital Market

The Share Market

Initial Changes in the Saudi Exchange

SAMAs Liberalization of the Market

Bond Market

Money Market

Notes

10 Islam and Islamic Banking: The Unresolved Issues

Theory and Early Problems

The Saudi Variant Emerges

The Impasse Deepens

The Entrance of Al-Rajhi

SAMAs Response

The Fate of Islamic Banking

Notes

11 Reporting, Auditing and Internal Controls

The Development of Saudi Accountancy

Banks and Accounting

SAMAs Reporting System

SAMAs Auditing Unit

Bank Internal Controls

Notes

12 Foreign Partners and Waning Commitments

The Origins of Saudization

First Effects of Joint Ownership

The Balance Changes

TSA Renegotiations

First Withdrawals

Notes

13 The Great Experiment: Saudization

Board Saudization

Staff Saudization

Notes

14 Trends in Saudi Banking

Retail Banking

Corporate Banking

Merchant Banking

Investment Banking and Treasury Operations

Notes

15 The Kingdoms Two Basket Cases

Saudi Investment Bank

Saudi Cairo Bank

Notes

PART FIVE

CONCLUSION

16 Epilogue

Notes

1. 1 The Day the Saudi Ranking System Was Saved
  1. Notes
2. 2 The Origins of the Kingdoms Banking System
  1. Early History
  2. Initial Problems
  3. The Start of Oil Production
  4. Banks in 1948
  5. The Founding of SAMA
  6. The Currency Problem
  7. The Growth of Banks and the First Bank Crisis
  8. Notes
Part Two The Players
1. 3 The Authorities: The Ministry of Finance and SAMA
  1. The Ministry and the Agency
  2. SAMA: Central Bank or Agency?
  3. SAMAs Regulation of the Banking System
  4. Staffing Problems
  5. Conclusion
  6. Notes
2. 4 The 12 Saudi Banks
  1. National Commercial Bank
  2. Riyad Bank
  3. Saudi American Bank
  4. Saudi French Bank
  5. Al-Rajhi Banking and Investment Corporation
  6. Arab National Bank
  7. Saudi British Bank
  8. Albank Alsaudi Alhollandi
  9. Saudi Cairo Bank
  10. United Saudi Commercial Bank
  11. Saudi Investment Bank
  12. Bank Al-Jazira
  13. Notes
3. 5 Moneychangers, Government Lending Institutions, Islamic Banks and Off-shore Banking Units
  1. Moneychangers
  2. Government Lending Institutions
  3. Islamic Banks
  4. Off-shore Banking Units
  5. Notes
Part Three The Problem of Non-Performing Loans
1. 6 The Problem Begins
  1. Background
  2. The Day of Reckoning
  3. Notes
2. 7 The Courts and the Bad Loan Problem
  1. The Origins of the Saudi Legal System
  2. The Banks and the Courts
  3. Last Gasp Measures
  4. Notes
3. 8 SAMA, the Banks and Efforts to Control Bad Loans
  1. The SAMA Panel
  2. The Banks Fight Back
  3. Special Committee for Princes
  4. Conclusion
  5. Notes
Part Four Other Challenges
1. 9 The Problem of the Capital Market
  1. The Share Market
  2. Initial Changes in the Saudi Exchange
  3. SAMAs Liberalization of the Market
  4. Bond Market
  5. Money Market
  6. Notes
2. 10 Islam and Islamic Banking: The Unresolved Issues
  1. Theory and Early Problems
  2. The Saudi Variant Emerges
  3. The Impasse Deepens
  4. The Entrance of Al-Rajhi
  5. SAMAs Response
  6. The Fate of Islamic Banking
  7. Notes
3. 11 Reporting, Auditing and Internal Controls
  1. The Development of Saudi Accountancy
  2. Banks and Accounting
  3. SAMAs Reporting System
  4. SAMAs Auditing Unit
  5. Bank Internal Controls
  6. Notes
4. 12 Foreign Partners and Waning Commitments
  1. The Origins of Saudization
  2. First Effects of Joint Ownership
  3. The Balance Changes
  4. TSA Renegotiations
  5. First Withdrawals
  6. Notes
5. 13 The Great Experiment: Saudization
  1. Board Saudization
  2. Staff Saudization

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