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The long-term issuer default ratings of Saudi British Bank, Banque Saudi Fransi and Arab National Bank were revised to negative from stable
Ratings agency Fitch has downgraded the outlooks on 3 Saudi Arabian banks as low Crude Oil prices continue to plague the Kingdom’s economy.
The long-term issuer default ratings of Saudi British Bank, Banque Saudi Fransi and Arab National Bank were revised to negative from stable, Fitch said in a statement.
The revision was based on the tougher operating environment facing the Saudi Arabian banking sector, mainly due to the effect of lower Crude Oil prices on government spending and the filter down effect this has on the rest of the economy.

Dubai has achieved the 1st goal of its strategy aimed at making the emirate the global capital of Islamic economy, the UAE’s VP and PM and Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum has said. His remarks came after a report showed that Dubai has overtaken other financial centres for listing Islamic bonds on its exchanges. Sukuk listed on Dubai’s 2 exchanges, Nasdaq Dubai and Dubai Financial Market, rose to $36.7-B (Dhs 134.38bn) in Y 2015, according to a study by Nasdaq Dubai. According to a report the global Islamic economy has a potential value of $6.7 -T and is bigger than most of the economies in the world except China and the United States. The report estimates that Muslim consumers’ global expenditure on the media, food, and lifestyle sectors such as cosmetics and tourism is forecast to touch $2.47-T by Y 2018.

The Dushanbe Business Forum 2013, which took place in Tajikistan, showcased the country as a promising investment destination and focused on the best practices of Islamic banking and leasing. The event aimed to strengthen the economic ties between the Tajikistan and OIC countries by attracting investment into Tajikistan. According to Shayne Heffernan, Tajikistan is one of the most promising emerging markets. As for its outcome, the Dushanbe Business Forum 2013 created linkages and business relations between Tajikistan and the private sector community in OIC and CIS countries, gave opportunity for local participants to discuss business collaboration with potential shareholders and addressed the prospects of developing and introducing Islamic banking and financial tools.