A list of banks in Saudi Arabia includes all Islamic banks, commercial banks, private banks, local banks, domestic banks, foreign banks, and financial institutions.
Saudi Arabia is one of the fastest-growing economies in the world with its oil business and other financial activities. The country is known as the origin of Islam which is known worldwide for its Islamic lifestyle & importance.
Here are all the banks in Saudi Arabia mentioned below with brief descriptions.
Table of Contents
About banks in Saudi Arabia
Banks in Saudi Arabia are an integral part of the country’s financial system, playing a critical role in the economy. The banking sector in Saudi Arabia is regulated by the Saudi Arabian Monetary Authority (SAMA), which oversees the activities of all banks operating within the country.
There are many banks in Saudi Arabia, including both local and international banks. Some of the largest banks in Saudi Arabia include National Commercial Bank (NCB), Al Rajhi Bank, Saudi British Bank (SABB), Riyad Bank, and Arab National Bank (ANB).
The Saudi Arabian banking sector has undergone significant transformation over the past few decades. The sector has become more sophisticated and diverse, with the introduction of new financial products and services, including online banking, mobile banking, and Islamic banking.
Islamic banking is an important aspect of the Saudi Arabian banking sector, with many banks offering Shariah-compliant financial products and services. Islamic banking follows the principles of Shariah law, which prohibits interest-based transactions and promotes ethical and socially responsible investments.
The banking sector in Saudi Arabia plays a vital role in supporting the country’s economy. Banks provide financing to businesses and individuals, which helps to stimulate economic growth and create jobs. They also play a critical role in facilitating international trade and investment, helping to connect Saudi Arabia with the global economy.
In recent years, the Saudi Arabian government has taken steps to further develop the country’s banking sector. These include initiatives to encourage greater competition among banks, promote financial inclusion, and support the growth of small and medium-sized enterprises (SMEs).
Overall, the banking sector in Saudi Arabia is a key component of the country’s economy, providing essential financial services and contributing to economic growth and development.
Central Bank Of Saudi Arabia
The Saudi Central Bank – The Saudi Central Bank is the main bank that was known before as the Saudi Arabian Monetary Authority. The bank is owned fully by the government of the Kingdom of Saudi Arabia and the currency is Saudi Riyal. It has many categorial services like:
- issuing national currency
- managing commercial banks
- operating financial institutions functions
- ensuring the development of financial growth
Top Saudi Arabian Banks
The top banks in Saudi Arabia are given below with national and international lists.
Saudi National Bank
Saudi National Bank is one of the largest commercial banks in Saudi Arabia that is founded in 1953 & based in Riyadh.
The Saudi British Bank (SABB)
The Saudi British Bank is a leading bank among Saudi Arabia banks that has had several branches in the country and globally since 1978.
Saudi Investment Bank
Saudi Investment Bank is a Riyadh-based national bank that has several sister companies American Express, Saudi Orix Leasing, and more.
Alinma Bank
Alinma Bank is a private bank that provides Shariah base retail, corporate banking, and investment services in Saudi Arabia.
Banque Saudi Fransi
Banque Saudi Fransi is a public bank among Saudi Arabian banks that offers services such as commercial banking, corporate banking, asset management, etc.
Riyad Bank
Riyad Bank is one of the widely known banks in Saudi Arabia that is owned 51% by the Saudi Government that is located in Riyadh.
Al Rajhi Bank
Al Rajhi Bank is the largest Islamic bank in the world with over 600 branches globally that follows Shariah laws to serve the customers.
Arab National Bank
Arab National Bank is a top largest bank in the Middle East that has multiple branches in Saudi Arabia and was established in 1979.
Bank AlBilad
Bank AlBilad is an Islamic bank that delivers services such as retail banking, business products, investment products, etc since 1949.
Bank AlJazira
Bank AlJazira is a public bank that is located in Jeddah and has had a huge number of customers in the country starting in 1975.
Foreign Banks In Saudi Arabia
In Saudi Arabia, there are multiple foreign banks to serve customers worldwide.
- Emirates NBD – Emirates NBD is a Dubai-based bank that is owned by the government of the country, also recognized as one of the largest banks in the Middle East.
- Gulf International Bank – Gulf International Bank is a Bahrain-based commercial bank that serves international wholesale, universal banking, corporate Finance, etc.
- National Bank of Bahrain – National Bank of Bahrain is a national bank that gives services in Baharian and internationally to customers.
- National Bank of Kuwait – National Bank of Kuwait is the largest financial bank in Kuwait that has many branches in Asia, the Middle East, and Europe.
- Bank Muscat – Bank Muscat is a multinational financial bank in Oman that serves Riyad, Kuwait, and more.
- Deutsche Bank – Deutsche Bank is a German-based multinational bank that is one of the largest commercial banks in the world.
- BNP Paribas – BNP Paribas is a France-based international bank that has many global branches including the Middle East country Qatar.
- J.P. Morgan Chase N.A – J.P. Morgan Chase N. A is a multinational bank that is based in America and has services like mortgage loans, mutual funds, private equity, etc.
- National Bank of Pakistan – National Bank of Pakistan is a commercial bank that is owned by the Pakistani government based in Karachi.
- T.C.ZIRAAT BANKASI A.S. – T.C.ZIRAAT BANKASI A.S. is a government-owned bank that offers consumer loans, commercial loans, and other services.
- Industrial and Commercial Bank of China – Industrial and Commercial Bank of China is a majorly government-owned multinational bank that is also a global bank.
- Qatar National Bank – Qatar National Bank is a multinational bank that is based in Doha, Qatar, and was founded in 1964.
- MUFG Bank, Ltd. – MUFG Bank. Ltd. is a Tokyo-based multinational bank that provides personal banking, corporate banking, investment banking, etc.
- First Abu Dhabi Bank – First Abu Dhabi Bank is one of the largest leading banks in the world based in Abu Dhabi serving customers since 2017.
- Trade bank of Iraq – Trade Bank of Iraq is an Iraq-based state-owned bank that provides a range of financial services to customers since 2003.
- Standard Chartered Bank – Standard Chartered Bank is a public bank that has numerous branches globally and most of the profit comes from Asia, Africa, and the Middle East.
- Credit Suisse – Credit Suisse is a Switzerland bank with services like investment and private banking, and asset management started in 1856.
Hence, the banks in Saudi Arabia show and observe the capital, assets, and growth in the economical sectors.
Read more about banks:
- Kuwait banks
- UAE banks
- Qatar banks
- Afghan banks
- Australian banks
- Bangladeshi banks
- Pakistani banks
- Indian banks
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FAQs
Q: What is the central bank of Saudi Arabia?
A: The central bank of Saudi Arabia is called the Saudi Arabian Monetary Authority (SAMA).
Q: What are the types of banks in Saudi Arabia?
A: There are several types of banks in Saudi Arabia, including commercial banks, Islamic banks, investment banks, and specialized banks.
Q: What are the requirements for opening a bank account in Saudi Arabia?
A: To open a bank account in Saudi Arabia, you typically need a valid national ID or residency permit, proof of income, and a minimum deposit amount.
Q: What is the banking system in Saudi Arabia like?
A: The banking system in Saudi Arabia is well-developed and modern, with a range of services and products available to customers. The sector is highly regulated by SAMA to ensure stability and integrity.
Q: Are there Islamic banking options in Saudi Arabia?
A: Yes, Islamic banking is a popular option in Saudi Arabia, with several Islamic banks operating in the country.
Q: Can foreigners open bank accounts in Saudi Arabia?
A: Yes, foreigners can open bank accounts in Saudi Arabia, provided they meet the necessary requirements and have the appropriate documentation.
Q: Are there restrictions on transferring money out of Saudi Arabia?
A: Yes, there are restrictions on transferring money out of Saudi Arabia, particularly for large amounts. However, these restrictions are primarily aimed at preventing illegal activities and are not intended to hinder legitimate transactions.
Q: What is the role of SAMA in regulating banks in Saudi Arabia?
A: SAMA is responsible for regulating and supervising banks in Saudi Arabia to ensure they operate safely and soundly, and to protect the interests of customers and stakeholders.
Q: Can I access my bank account online in Saudi Arabia?
A: Yes, many banks in Saudi Arabia offer online banking services that allow you to access your account, view transactions, transfer funds, and more.
Q: What is the procedure for reporting fraud or suspicious activity to a bank in Saudi Arabia?
A: If you suspect fraudulent activity on your bank account or card, you should immediately contact your bank’s customer service center to report the incident and request a block on the account or card. The bank will then investigate the matter and take appropriate action.