Banking Control Law In Saudi Arabia - Lacks & Development

IntroductionThe Kingdom of Saudi-Arabian Arabia is one of the close to economic on the wholey skirt nations of the Middle Eastern region . It is oil rich and has comparatively robust stranding system . Its laws necessitate been rather progressive all over the past few classs . However excessive semipolitical relation interference , Moslem laws and too many amendments whitethorn have prevented the banking system form achieving its full potentialLaws in the Saudi Arabian banking sectorThe official religion in Saudi Arabia is Islam and all the citizens at bottom this commonwealth ar required to regularise to this faith to boot , the latter religion also forms the background of the legal figure within this untaught thus implying that most of foreign investors may have a difficult clipping trying to have out business within such(prenominal) a country (Library of Congress , 2008The banking sector industry is highly stable . This is partially because it is often regulated by the Saudi Arabia Monetary blood abbreviated as SAMA .

Those banks that conform to Islamic law are not expected to pay their various(prenominal) depositors for holding their property for them because they prohibit interest rates . to boot , a effect of banks benefit from high amounts of oil taxs , wherefore , they are in a position to take up a serve of profits . As of the financial year 2006 , Saudi Banks boasted of revenue amounting to one hundred and thirty octette billion U S dollars . In Saudi Arabia , no bank has ev! er been passed of as being a failed one . as well as , the latter country only has about nine percent...If you requirement to get a full essay, order it on our website: BestEssayCheap.com

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