Saudi Arabia-based financial institution National Commercial Bank has established an Islamic Banking Development Group in a bid to widen its range of offerings based on Islamic banking principles and to expand its distribution capabilities locally and regionally.
Abdulkareem Abu AlNasr, the National Commercial Bank (NCB) CEO, stated that the Islamic Banking Development Group was formed after the bank succeeded in converting all of its branches to Islamic banking mechanisms. The development and conversion of all of its products and services to conform to Islamic principles is hoped to make the bank an example to local and international banks.
The bank will maintain international developments within the new framework and expects to benefit from the latest initiatives to strengthen and expand the Islamic banking foundation both locally and internationally.
In addition, the bank will provide a consultation service whereby other bank divisions can obtain advice to help them develop their operations in compliance with Islamic principles, as well as finding leading products and solutions for customers.