‘Banks will lose millions of dollars’ in loan forgiveness deal with Islamic lender

A Saudi bank has reached an agreement with a US lender to extend a $1.2 billion loan forgiveness program to the Islamic Bank of New York (IBNY). 

The agreement was reached after a lengthy and bitter legal battle. 

“IBNY is delighted to extend its loan forgiveness programme to the Bank of Islamic Credit (BIC),” the bank said in a statement.

“The BIC is a trusted and proven partner for Saudi Arabia’s credit system.”

Saudi Arabia is one of the top recipients of US aid, with $3.4 billion in US funding last year. 

The deal will see BIC lend the Saudi bank $300m of a $4.4bn loan from the International Monetary Fund, which has been promised by the Saudis to support the BIC’s expansion. 

Saudi Arabia, which also owns stakes in other large US banks, is one the world’s largest private creditors, lending a total of $12.5bn. 

It also holds US$1.4tn of foreign reserves.

The US government has long been sceptical of the Saudis’ support for the Bic, which it sees as a conduit for money laundering. 

Its sanctions against the bank have caused an exodus of capital from the country, causing the Bichlian state to miss its most vital financial targets, such as oil. 

But the deal with the BIS comes at a delicate time for Saudi Arabian President Abdulaziz Al Saud.

His conservative government has imposed a series of economic and security restrictions, including the closure of the US Embassy in Riyadh and the ban on foreign financial transfers. 

A number of the country’s key businesses have also been placed under strict restrictions, such is the global financial crisis. 

Abdulaziz is also under pressure to shore up the economy and curb rising corruption, which have led to the resignation of several senior officials in the past week.

Saudi Arabia has been under a series, ranging from an economic crisis and a war on corruption to the creation of the Islamic State of Iraq and the Levant (ISIL, also known as ISIS).

The kingdom has also faced a wave of terrorism attacks, including last week’s attempted suicide bombing of a Riyadh hotel that killed more than 30 people.

The Saudis also face mounting concerns about the countrys long-term health, as the country has a chronic shortage of oxygen.

BIC has been one of several US banks that have sought to open branches in Saudi Arabia.

Earlier this year, HSBC also opened a branch there.

 IBNY, which is also based in New York, has about 100 employees in the US, including a handful of engineers, financial analysts and others who work for the bank’s subsidiary in New Jersey.

IBNY declined to comment when contacted by New Scientist.

Related Posts

Development Is Supported By

우리카지노 - 【바카라사이트】카지노사이트인포,메리트카지노,샌즈카지노.바카라사이트인포는,2020년 최고의 우리카지노만추천합니다.카지노 바카라 007카지노,솔카지노,퍼스트카지노,코인카지노등 안전놀이터 먹튀없이 즐길수 있는카지노사이트인포에서 가입구폰 오링쿠폰 다양이벤트 진행.【우리카지노】바카라사이트 100% 검증 카지노사이트 - 승리카지노.【우리카지노】카지노사이트 추천 순위 사이트만 야심차게 모아 놓았습니다. 2021년 가장 인기있는 카지노사이트, 바카라 사이트, 룰렛, 슬롯, 블랙잭 등을 세심하게 검토하여 100% 검증된 안전한 온라인 카지노 사이트를 추천 해드리고 있습니다.우리카지노 | TOP 카지노사이트 |[신규가입쿠폰] 바카라사이트 - 럭키카지노.바카라사이트,카지노사이트,우리카지노에서는 신규쿠폰,활동쿠폰,가입머니,꽁머니를홍보 일환으로 지급해드리고 있습니다. 믿을 수 있는 사이트만 소개하고 있어 온라인 카지노 바카라 게임을 즐기실 수 있습니다.Best Online Casino » Play Online Blackjack, Free Slots, Roulette : Boe Casino.You can play the favorite 21 Casino,1xBet,7Bit Casino and Trada Casino for online casino game here, win real money! When you start playing with boecasino today, online casino games get trading and offers. Visit our website for more information and how to get different cash awards through our online casino platform.카지노사이트 - NO.1 바카라 사이트 - [ 신규가입쿠폰 ] - 라이더카지노.우리카지노에서 안전 카지노사이트를 추천드립니다. 최고의 서비스와 함께 안전한 환경에서 게임을 즐기세요.메리트 카지노 더킹카지노 샌즈카지노 예스 카지노 코인카지노 퍼스트카지노 007카지노 파라오카지노등 온라인카지노의 부동의1위 우리계열카지노를 추천해드립니다.