MIS to invest SAR 25 mln to set up Saudi digital bank

14/02/2021 Argaam

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Al Moammar Information Systems Co.’s (MIS) board of directors approved today, Feb. 14, 2021, entering in an investment as a founding shareholder with a consortium of several commercial entities to establish a Sharia-compliant digital bank in Saudi Arabia.

 

The company said in a bourse filing that it will contribute SAR 25 million towards the bank's capital.

 

MIS will announce duly any further updates in this regard.

 

The establishment of the digital bank will not come into effect until securing the approval of all official entities concerned. Therefore, the financial impact and date cannot be determined precisely till approval is secured from official bodies, the statement added.

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