By John R. Presley
This learn displays the present nation of banking within the Arab Gulf and job within the region's monetary markets. The booklet covers Saudi Arabia, Kuwait, Bahrain, Oman, Qatar and the United Arab Emirates. every one bankruptcy examines improvement of business banking, financial coverage and the position of the significant banks, and the function of specialised monetary associations. The function of Gulf finance in foreign monetary markets can also be thought of, including the involvement of Western banks within the Gulf. The monetary weather within the Arab Gulf has replaced significantly in recent times reflecting fiscal and political improvement. The recession caused by way of the oil expense falls of the Eighties is now over, and the proposed finishing of the Gulf conflict has introduced new self assurance. Uncertainties stay besides the fact that, and the region's monetary associations were pressured to consolidate and adapt to the hot weather. All of those concerns are mentioned during this e-book.
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Extra resources for Banking in the Arab Gulf
3 Term deposits in Saudi Arabia Saudi Arabia 31 Real Estate Development Fund has provided interest-free loans for private house-buyers and the Saudi Credit Fund for Contractors has assisted Saudi building firms, little, if any, government financing has been available for residential construction for foreign workers in Saudi Arabia. The spiralling of rents in the middle 1970s gave rise to a boom in apartment construction and house-building for foreign workers. The commercial banks financed this boom to such an extent that over 20 per cent of bank credit went to the construction sector by 1979.
7 bn for the entire period. Clearly this is much reduced activity 26 Banking in the Arab Gulf when compared with total credit disbursements by these funding agencies of over SR 230 bn between 1970 and 1989, most of which was concentrated in the period 1975-83. COMMERCIAL BANKING Despite this early emphasis upon semi-government funding agencies, controlled by SAMA and ultimately the Ministry of Finance, to finance development, the commercial banks have been able to share in the economic expansion of the 1970s and have indeed also suffered during the recession of the mid-1980s; their role has been essentially that of 'financial gap' fillers; unable to compete with the semigovernment institutions they have grown and prospered by identifying and servicing sectors of the economy, and investment needs of the private clients, not fully catered for by these institutions, or not catered for at all.
Although there are over 150 firms in the market, the majority of business is conducted by six firms and their offshore affiliates. Currently insurance is largely unregulated as there are no restrictions to prevent any individual from writing an insurance policy. The most significant development in recent years has been the growing importance of the National Company for Cooperative Insurance (NCCI). A royal decree issued in 1988 gave this company the right to insure most of the government projects in oil, gas, construction and airlines, taking much of this type of business, both insurance and reinsurance, from foreign based insurance companies.
Banking in the Arab Gulf by John R. Presley