The Saudi Arabian Standing Committee of Fatwa Issued a Fatwa banning subscription to National Commercial Bank’s IPO as well as all other institutions that deal in usury.
The Fatwa emphasized that usury (Riba) is totally against Islamic Shariah and must be avoided in compliance with the commands of God and Prophet Mohamed.
The Committee is headed by Sheikh Abdul Aziz bin Abdullah bin Mohammed Al-Sheikh, and its membership includes Sheikh Ahmed Bin Ali Sir Mubaraki, Saleh bin Fawzan Al-Fawzan, Abdullah bin Mohammed bin Khonain and Abdullah bin Mohammed Al-Motelq.
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