Riyadh – Mubasher: Saudi banks are expected to pay zakat, Islamic tax, ranging from 12% to 14% of their net profits, the Saudi Arabian Monetary Authority’s (SAMA) governor Ahmed Alkholifey told Al Arabiya.
Banks’ profit growth rates for the fourth quarter of 2018 have boosted the confidence in the Saudi economy, he noted.
Alkholifey stressed on the importance of mergers in the Saudi banking sector, noting that there are no tie-up deals in the meantime.
The merger of the Saudi British Bank (SABB) and Alawwal Bank has been approved by the General Authority for Competition (GAC), while there are no new updates concerning the possible consolidation of Riyad Bank and the National Commercial Bank (NCB), Alkholifey added.
