National Commercial Bank continues expanding its Sharia-compliant products, a bank official says

National Commercial Bank, Saudi Arabia’s biggest bank by assets, is expanding its sharia-compliant products to cater for growing demand for such products by its clients, said AbdelRazik al-Kheriji, head of the islamic finance operations in the bank.

NCB started its islamic finance operations from scratch and now the lender was able to provide 100 percent sharia-compliant products in some of its operations, he added.

NCB plans to sell 15 percent stake, or 300 million shares, to individuals at SAR 50-60 a share  in one of the biggest initial public offerings in the Saudi market, according to Argaam.