The banking system of Saudi Arabia is stable because of the high absorption buffers. The Kingdom of Saudi Arabia has four main kinds of banks:
Commercial Banks, Agricultural Banks, Industrial Banks, and Real Estate Banks.
There are 30 licensed banks, including 18 foreign branches and 12 domestic ones. According to several reports, the banking sector’s assets exceed US$630 billion.
The central bank of the Kingdom is the Saudi Arabian Monetary Authority (SAMA), which saw the light of the day in 1952.
The banking system of Saudi Arabia is stable because of the high absorption buffers. The Kingdom of Saudi Arabia has four main kinds of banks:
Commercial Banks, Agricultural Banks, Industrial Banks, and Real Estate Banks.
There are 30 licensed banks, including 18 foreign branches and 12 domestic ones. According to several reports, the banking sector’s assets exceed US$630 billion.
The central bank of the Kingdom is the Saudi Arabian Monetary Authority (SAMA), which saw the light of the day in 1952.
Here is a list of the top 10 banks in the Saudi Arabian Kingdom
- 10. Bank Al-Jazira
- 9. Bank Al Bilad
- 8. Islamic Development Bank (IsDB)
- 7. Alinma Bank
- 6. Arab National Bank
- 5. Banque Saudi Fransi
- 4. SAB-Alawwal
- 3. Riyad Bank
- 2. Al Rajhi Bank
- 1. National Commercial Bank
10. Bank Al-Jazira
A leading Shariah-compliant Bank AlJazira, operates through almost 60 Fawri Remittance Centers and 80 branches around the entire Kingdom of Saudi Arabia. The total recorded assets of the bank are US$31 billion (As of Dec. 2022: Source: advratings.com).
9. Bank Al Bilad
Bank Albilad, headquartered in Riyadh, received its charter on November 4, 2004, with a substantial capital of 10 billion Saudi Riyals.
Delivering unrivaled Shariah-compliant solutions, Bank Albilad shines in the Kingdom, offering:
- Retail Banking Products
- Business Solutions
- Investment Opportunities via “Albilad Capital”
- Convenient Payment Services through “Enjaz Payment Services Company.”
- The total bank assets were US$34.497 billion as of 31 Dec. 2022. (Source: ADV Ratings)
8. Islamic Development Bank (IsDB)
1975, the IsDB came into existence, with its Articles of Agreement adopted by 22 countries. Its Board of Governors convened in Riyadh (Saudi Arabia) in July 1975, marking the official commencement of operations on October 20, 1975.
The Islamic Development Bank (IsDB), headquartered in Jeddah, Saudi Arabia, is a prominent multilateral development bank (MDB). It specializes in Islamic finance for infrastructure development of member countries and Islamic countries, effectively delivering a significant impact at scale.
The total bank assets were US$36.400 billion as of 31 Dec. 2022.(Source: ADV Ratings)
7. Alinma Bank
The banking services provided by Alinma are through 76 branches in KSA.
The various segments that the bank operates through include Retail Banking, Treasury, Corporate Banking, and Investment and Brokerage. The total bank assets were US$53.375 billion as of 31 Dec. 2022. (Source: ADV Ratings)