Saudi banks enjoy strong liquidity, says cbank secretary general

Banks in Saudi Arabia enjoy strong liquidity, Talaat Hafez, Secretary General of the Media and Banking Awareness Committee of Saudi Banks said in an official statement.

His statement come after the Kingdom’s General Authority of Zakat and Tax (GAZT) informed local banks of additional zakat claims.

Hafez said that the claims resulted after the authority introduced a new accounting method that applies to long-term investments of local lenders.

Many of the zakat claims, which have applied to Saudi-listed banks like Al Rajhi, Alinma, and Riyad Bank, were above the originally estimated figures.

Lenders have the right to challenge the claims and to discuss with the relevant authorities.