owned Saudi Credit and Savings Bank in Taif's interest-free loans to citizens in the first 10 months of the year is down 70 percent from last year, but more money and loans are on the way, a bank official said. In 2009, those loans totaled SR819 million, but they have only reached about SR140 million in 2010, the official said. The sharp decrease has been caused by a shortage of funds to loan, said the official, who added that the bank will receive more funding soon to cover loan applications that are piling up. The self-funding bank receives its funds from limited sources including loan repayments and support of King Abdullah, the official added. In 2010, the bank has provided 3,850 personal loans for marriages, home renovations and family emergencies, he said. Funds trickle in weekly from the bank's headquarters in Riyadh and loans are paid out every day to citizens, said the official.
