Essay examples --

The establishments of institutional banking in Saudi Arabia date back to the First World War in 1885 when Gellatly Hankey merchants in Jeddah. Then in the late 1920’s some central bank functions were exercised by an official General Finance Agency such as the issuing of coins, the collecting and channeling of public revenue, and the management of the public debt. After that in 1932 a finance ministry was founded which exercised the roles of the General Finance Agency. Lastly The Arabian Monetary Agency (SAMA) was founded in August 1952 by two royal decrees. SAMA is the central bank of Kingdom of Saudi Arabia that was established in 23/5/1377H. The objective of this establishment was to be the central bank for the government, control banks and money changer, and to support the Saudi Riyal. SAMA set the regulations of banks in Saudi Arabia. In 6/7/1379H, 31-12-1959 the Saudi Riyal was established as the official currency of Saudi Arabia. In 22/2/1386H by a Royal Decree the Banking Control Law has issued SAMA to issue â€Å"Pre-payment Services Rules in the Kingdom of Saudi Arabia†. The...