Jeddah, Asharq Al-Awsat- The National Commercial Bank (NCB) recently founded a group that would develop Islamic Banking. The new group headed by Mr. Abdulrazak Alkhereiji is directly connected to the Chief Executive Officer. The group was formed as part of the bank’s initiative to establish Islamic banking principles and expand its distribution locally and regionally.
Mr. Abdulkareem Abu AlNasr, the NCB Chief Executive Officer, stated that the Islamic Banking Development Group was formed after the bank succeeded in converting all its branches to Islamic banking mechanisms. The development of traditional products and services and converting those to Islamic products and services as well as innovating alternative products has made the bank an example for many local and international banks to study and imitate.
Mr. Alkhereiji affirmed that the bank strived to be an authority as an administrative reference by developing Islamic banking throughout its division. Keeping up with international developments within this framework and benefiting from the latest initiatives, strengthens and expands the Islamic banking foundation locally and internationally.
In addition, the group provides consultations for bank divisions to help them develop their operation in compliance with Islamic principles as well as finding leading products and solutions for customers. Moreover, to support the executive management, participate in the placement of strategic plans for Islamic banking work, design specific training programs and organizing criteria and rules required to review bank operations.