SAMBA plans to pay zakat at 10% of profit in 2019: CEO

28/04/2019 Argaam

 

Samba Financial Group is forecast to pay zakat at around 10 percent of net earnings in 2019, Al Arabiya TV has reported, citing chief executive, Rania Nashar.

 

Nashar ruled out any merger plans at present, adding that SAMBA will likely focus on growing core operations.

 

Merger deals in the banking sector may represent a challenge for other lenders, as they have marginal market share. However, capitalizing on these opportunities may boost their growth momentum, she added.

 

SAMBA reported a slight increase in non-performing loans (NPLs) in Q1 2019, she noted.

 

"SAMBA has a diversified credit portfolio; it also grow its SMEs and mortgage portfolios," Nashar indicated.

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