Banking in the Arab Gulf by John R. Presley

By John R. Presley

This examine displays the present country of banking within the Arab Gulf and task within the region's monetary markets. The ebook covers Saudi Arabia, Kuwait, Bahrain, Oman, Qatar and the United Arab Emirates. every one bankruptcy examines improvement of business banking, financial coverage and the function of the relevant banks, and the function of specialised monetary associations. The function of Gulf finance in overseas monetary markets can also be thought of, including the involvement of Western banks within the Gulf. The monetary weather within the Arab Gulf has replaced significantly lately reflecting financial and political improvement. The recession caused by way of the oil expense falls of the Nineteen Eighties is now over, and the proposed finishing of the Gulf conflict has introduced new self assurance. Uncertainties stay in spite of the fact that, and the region's monetary associations were pressured to consolidate and adapt to the recent weather. All of those concerns are mentioned during this e-book.

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Currently the insurance sector can be divided into two: the stateowned Pension Fund and General Organisation for Social Insurance (GOSI) are responsible for providing pensions and sickness, disability and death benefits for the Saudi workforce; the rest of the market comprises about 50 large and 100 smaller privately-owned firms, which are mainly foreign companies and their sleeping partners. Although there are over 150 firms in the market, the majority of business is conducted by six firms and their offshore affiliates.

On the liability side, commercial banks have been the natural home for much of the private and corporate saving generated by the oil boom of the 1970s. 3). 3). Initially the surge in saving as a result of the oil boom was reflected in demand deposits where no interest is paid; Saudi Arabia 27 towards the end of the 1970s interest bearing savings and time deposits became increasingly popular and the growth of demand deposits became minimal. Whereas savings and time deposits continued to grow, even in the stagnationary period of the mid1980s, demand deposits actually fell during 1983-6, recovering only in the following three years.

In effect the growth of the money supply, although obviously dependent partly upon private-sector credit expansion via the commercial banks, and therefore within the scope of central bank influence, has been dictated more by the rate of growth or contraction in government spending and, of course, by the nature of the balance of payments surplus or deficit. Given the spending content of the Fifth Development Plan for the Kingdom (1990-5), there is every possibility that fiscal deficits will continue to occur for several years in the absence of either a growth in oil revenues, a revenue raising privatisation programme or the introduction of higher taxation; if foreign assets are not to be Saudi Arabia 39 depleted too rapidly, the deficit will require financing; either government funding via bond issue to the domestic market will have to offer more attractive rates for lenders, or an increasing resort must be made to foreign borrowing where interest rates will need also to be competitive in world financial markets.

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