NCB readies plan to divest $38b

22/10/2014 06:55 AST

National Commercial Bank, (NCB) the Saudi Arabian lender planning an initial public offering, probably needs to divest about $38 billion of assets to meet a goal of becoming fully Shariah-compliant in five years.

About two-thirds of the bank’s SR435 billion ($116 billion) of assets conformed to Islamic law at the end of June, according to an e-mailed statement from the bank on Oct. 16. The lender pledged to dispose of all non-Islamic bonds after a review by the bank’s board of scholars.

“We have seen other banks promise to convert all their assets to be Shariah-compliant in a certain timeframe and then finding it very hard to stick to,” Asim Bukhtiar, a vice president and head of research at Riyad Capital, said yesterday by phone from the city. “Five years could be optimistic.”


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