The traditions of European banking originated in Arab countries. In ancient times, speculative trade was copied by European merchants. Usury and speculation in countries living under Sharia law are now prohibited.
At the beginning of the 20th century, Arab financiers tried not to pronounce the word “bank” and replaced it with synonyms, for example, with the word “institution.”
Saudi Hollandi Bank has been providing loans to individuals and businesses. The profit on investments was legal and was considered payment, commission for the service.
In 1939, the financial situation in Saudi Arabia changed; large oil deposits were discovered. This brought a considerable income to the budget of the Kingdom. There has been an enormous demand for highly paid qualified oil engineers and expensive technical equipment.
King of Saudi Arabia Abdul Aziz introduces the Saudi riyal, a single monetary unit. The construction of an updated financial system begins.
In 1976, the Saudi rial was pegged to the US dollar. The value of the national currency of the Kingdom has been officially fixed, for one American dollar paid 3.75 riyals. This ratio is still maintained.
The hectic financial activities of Saudi Hollandi Bank began in the second half of the 20th century. Branches are opening in Mecca, Jeddah, Al Khobar, Medina, Katif. The Bank is becoming one of the most important financial institutions in Saudi Arabia.
In 2017, Saudi Hollandi Bank became known as Alawwal Bank, which means “first” in Arabic. In 2019, Alawwal Bank was acquired by one of the largest global banks, Saudi British Bank.
Shares of the combined Saudi British Bank in early August 2019 were quoted at 38.10 Saudi riyals per share. In terms of the American dollar, this amount corresponds to USD 10.
You can purchase shares of Saudi Hollandi Bank, or Alawwal Bank, by registering on the Tradeallcrypto platform; choose Trading with Tradeallcrypto.com, tools of Saudi British Bank.
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