11 Sep, 2022
The Islamic Development Bank Institute (IsDBI) has released the second edition of the book titled “Currencies Circulation During the Era of King Abdul Aziz Al Saud”, authored by Dr. Ahmed Mohamed Youssef, Assistant Professor of Islamic Currencies at Cairo University, Egypt.
The book, published in the Arabic language, is a historical and analytical study exploring the various issuances of currencies in the Arabian Peninsula during the period 1292-1373 AH (1876-1953).
First published in 2020, the book reviews the historical timeline of monetary reforms carried out by King Abdul Aziz Al Saud by studying the economic status and currencies circulated in Najd and Hejaz in the previous regime prior to his governance.
The book also covers the stages of monetary reform during the reign of King Abdul Aziz, and his pioneering initiatives to overcome the global economic crisis at that time.
It also deals with the establishment of the Saudi Arabian Monetary Agency (now Saudi Central Bank), and the emergence of banks in the Kingdom of Saudi Arabia, and provides an analytical study of the monetary values circulated during that era.
Dr. Sami Al-Suwailem, Acting Director General of the IsDB Institute, said: “The book falls within the endeavours of the Islamic Development Bank Institute to publish distinguished economic studies related to member countries. This study carefully documents an important experience of the Banks’ host country”.
The author of the book, Dr. Ahmed Mohamed Youssef, said, “The book is an in-depth study that covers all developments passed on the money circulating in Arabian Peninsula during this period, and the great economic and monetary role of that currencies in monetary life at local and global levels.”