‘Perspective BRICS member Saudi Arabia has hit a new milestone in its banking sector, with the Saudi National Bank reporting a 14-month high in profits. The Central Bank of Saudi Arabia reports that in May, the total earnings of Saudi banks hit a record-breaking 14-month high of $1.96 billion. Cumulatively, from the beginning of the year to the end of May, banks recorded a total profit of SR34.78 billion, according to Arab News.’
‘The banks’ profit before taxes and zakat (a saving tax of 2.5 percent to be distributed to poor and needy Muslims) increased by 9 percent in comparison to April 2024. The nation has experienced favorable growth this year since first showing interest in BRICS. Since it is one of the largest oil distributors in the world, the entire BRICS bloc has reaped the benefits, and also invested in the Middle-Eastern country’
