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Islamic Finance Briefing - Categorized | Banking, Financial Instruments (Credit Cards, Debts, Loans, Mort more

Sharjah Islamic Bank loaned $15.1 mln to Algosaibi

Posted on 01 October 2009

From Bloomberg: Sharjah Islamic Bank, a lender complying with Muslim banking rules in the United Arab Emirates, is owed 55.4 million dirhams ($15.1 million) by Saudi Arabia’s Algosaibi group.

Sharjah Islamic has already taken provisions of up to 50 percent of that amount, the Sharjah-based bank said in a statement to the Abu Dhabi bourse today………………..Full Article: Source

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