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Saudi Arabian Monetary Agency (E5)<br /> An Arab banking organization founded in 1952 to perform the functions of a CENTRAL BANK but called an agency because of the association between 'a bank' and payments for interest which is condemned by Islamic law. SAMA is now responsible for the coinage and note issue of Saudi Arabia, the supervision of commercial banks and the fiscal operations of the government.<br /><em>See also:</em> Islamic banking; usury <br /><em>Reference</em><br />Abdeen, A.M. and Shook, D.W (1984) The Saudi Financial System in the Context of Western and Islamic Finance, Chichester: Wiley. Saudi Arabia in 1977 used this approach to change the ownership of foreign-owned commercial banks.<br /><em>See also:</em> multinational corporation; public enterprise
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