NATIONAL COMMERCIAL BANK (NCB) and Saudi American Bank (Samba) recently became involved in a minor spat over which of them had introduced the first Islamic credit card into Saudi Arabia. Their cards were issued on virtually the same day and each bank insists that it was ahead of the competition.
This illustrates how keenly the banks are looking to expand Shariah-compliant banking, the fastest-growing part of the kingdom’s financial system, and suggests that there will be intense competition to win market share.
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