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, which include 18 foreign branches and 12 domestic ones. As per several reports, the banking sector 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, which include 18 foreign branches and 12 domestic ones. As per several reports, the banking sector 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)
6. Arab National Bank
Headquartered in Riyadh, the Arab National Bank was founded in 1979 and has been a leading bank in KSA ever since. ANB offers investment banking and commercial banking services besides home finance and heavy equipment leasing.
The 95 branches serve over 2 million customers. The regional offices are in Khobar and Jeddah, and the bank has a branch in London. As of 31 Dec. 2022, the total assets reported were US$56.623 billion (Source: ADV Ratings)
5. Banque Saudi Fransi
One of the top 10 banks in KSA, Banque Saudi Fransi operates through 80 branches, 570 ATMs, and 18 ladies’ sections. The bank is well-known for providing business and personal banking, wealth management, Islamic banking, and other significant services.
This bank is affiliated with the corporate and investment unit of the French Credit Agricole Group, Credit Agricole CIB. The bank has its headquarters in Riyadh.
As of 31 Dec. 2022, the total assets of Banque Saudi Fransi are reported to be US$61.801 billion (Source: ADV Ratings)
Read: Pay Your Zakaat via Zakaty
4. SAB-Alawwal
SAB-Alawwal, formerly known as Saudi British Bank, has unveiled its new identity, marking a significant milestone in its journey. This rebranding follows the seamless merger of SABB and Alawwal Bank, a process that spanned 18 months while maintaining the “Saudi British Bank” name.
With regulatory and shareholder approvals secured, the institution will now operate as “Saudi Awwal Bank.” This transformation reflects their commitment to growth and innovation in the banking industry.
SAB provides a comprehensive range of financial and banking services. These encompass corporate banking, investment solutions, private banking, and treasury services.
Euromoney awarded SAB Best Bank in Saudi Arabia (Best Bank Awards for Excellence Saudi Arabia 2023).
SAB assets were US$83.737 billion as of 31 Dec. 2022. (Source: ADV Ratings)
3. Riyad Bank
Riyad Bank is the 3rd largest bank in Saudi Arabia, and it operates through 340 branches and around 2450 ATMs. This bank had a credit rating of BBB+ from Fitch and Standard & Poor.
Riyad Bank’s total assets were reported to be US$95.774 billion as of 31 Dec.2022 (Source: ADV Ratings)
2. Al Rajhi Bank
Al Rajhi Bank is 2nd largest bank of KSA as per assets and the largest as per market capitalization. It operates through 545 branches, 5260 ATMs, and 230 remittance centers. The bank has branches in Jordan and Malaysia. As of 31 Dec. 2022, the asset value of Al Rajhi Bank is US$203.014 billion.
1. National Commercial Bank
The largest bank by assets is the National Commercial Bank. They are also known as the “SNB Group” (Arabic: البنك الأهلي السعودي), is a Riyadh-based Saudi bank. Initially established as the National Commercial Bank (NCB) in December 1953, it achieved a significant milestone in 2021 by becoming a banking leader through a merger with the Samba Financial Group, marking one of the region’s largest mergers. Presently, SNB operates through subsidiaries and affiliates across 8 countries worldwide.
A total of approx 7 million customers are served through 430 branches and as many as 3600 ATMs. It is also the most prominent Islamic Bank globally. As of 31 Dec. 2022, it had assets of a staggering US$251.781 billion. Saudi Arabian banks offer an array of facilities that are well-equipped and tech-driven.
