The Bank commenced business in 1977, pursuant to a Royal decree dated June 22, 1976. It concentrated on medium-term financing of industrial projects. In 1983, with the adoption of the SAIB name, the Bank moved into full commercial banking. The ALASALAH Islamic Banking Brand, through which the Bank provides Shariah complaint products and services was launched in 2006. Islamic principles are at the heart of all our operations. Adherence to Shariah principles in product development is assured by our Shariah Committee.

SAIB provides wholesale, retail and commercial banking products in the Kingdom of Saudi Arabia, both Shariah-compliant and traditional. In addition to personal banking, the Bank services the government, quasi-government, corporate and MSME sectors. Our finance operations offer a range of non-interest-bearing banking products including Murabaha, Istisna’a and Ijarah. Our product portfolio also includes several treasury and investment banking products.

An even wider range of products and services is provided through our joint ventures and subsidiaries, such as investment banking, share trading, asset management, leasing finance, mortgage finance, brokerage services, corporate finances services and credit card services.

SAIB has a sustainability framework including five Islamic principles which have been crafted to integrate our commercial responsibilities with our social and environmental responsibilities. They also reflect Islamic principles of good governance and management.

Vision 2030 is the overarching framework which drives the aspirations, policies and plans of the Kingdom today. The Vision is founded on three themes – a vibrant society, a thriving economy and an ambitious nation. Since many of Vision 2030 goals either are directly connected with finance or have a financial implication, SAIB has a tremendous contribution to make.

The detailed goals and SAIB’s contribution are listed below:

Our policies, products, services and operations are not developed from a strictly commercial perspective only. We have demonstrated the much broader approach we take by becoming a signatory to the United Nations Global Compact (UNGC). The UNGC conducts advocacy for the adoption of principles of human rights, environmental protection, labour rights and anti-corruption by commercial and non-profit organisations. As required by our commitments as a signatory, SAIB has communicated description of the relevance of the above four themes and concrete actions we have taken regarding them to UNGC. We have also communicated the methodology of monitoring and evaluating performance as well as the outcome of the measurements.

Our HR Policy Code lays down the standards of behaviour that are expected of our employees. Alistithmar Capital (ICAP), our investment and brokerage subsidiary, is also a signatory to the United Nations Principles for Responsible Investment (UNPRI). This is noteworthy, since there is only one other entity in Saudi Arabia that has taken this step. Of the six principles which are the core of the United Nations Principles for Responsible Investment (UNPRI), three are related to environment, social and governance issues. The others are overarching ones relating to advocacy for the principles, joint action regarding the principles, and reporting.