As business activity picks up after the summer, we offer a summary of some of the stories we're following at the Arab Bankers Association.
New CEO for Saudi Arabia's Riyad Bank
Saudi Arabia's Riyad Bank announced on 19 September that it had appointed Abdulmajid Abdulla al-Mubarak to replace Talal al-Qudaibi as its CEO with effect from 31 October.
Mr. Mubarak had been Deputy CEO since September 2014. He had previously worked for Riyad Bank in a number of roles from 1991 until 2013.
The outgoing CEO, Talal al-Qudaibi, who is retiring, is one of the longest serving bank CEOs in the GCC, having taken up that position in 2002.
Riyad Bank was the fourth largest bank in Saudi Arabia at the end of 2015 (after National Commercial Bank, al-Rajhi and Samba), with equity of $9,745mn and assets of $44,555mn.
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Fitch downgraded the Republic of Lebanon to CCC on 23 August, the same day that S&P affirmed its B- rating and negative outlook. The ABA's Editor, Andrew Cunningham, considers the different views on Lebanon's financial health. The views are his own, not necessarily those of the ABA.
This is an important report, and one of its findings is that those who use Islamic finance say that they have a good experience.
A change in Jersey's tax legislation has clarified that commodity murabaha contracts that are used to strcuture Shari'ah-compliant transactions will not be subject to Jersey tax.
The Directors and staff of the Arab Bankers Association send best wishes to members and their families on the occassion of Eid el-Adha. The holiday was due to begin in most countries on 12 August and will last for four days.