NCB’s $6 Billion IPO Plan Evokes Mixed Reactions in Saudi Arabia - Middle East Real Time - WSJ:
"As Saudi Arabia’s National Commercial Bank prepares to launch the Arab world’s largest initial public offering next week, a controversy has erupted in the kingdom over the religious permissibility of buying shares in the lender.
Several senior clerics expressed their disapproval of the $6 billion IPO because the bank takes interests on loans, a practice that is considered haram or forbidden in Islamic economic jurisprudence, while others saw the IPO as a test for the public’s trust in the government as it sells some of its shares.
The debate taking place in newspapers and social media demonstrates the constant tension between tradition and modernization in the conservative kingdom."
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