Saudi Arabia: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision

IMF Staff Country Reports, July 19, 2013

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Saudi Arabia: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision

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Bibliographic details

• Published: July 19, 2013
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781484385982.002

Summary

• Focus: Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision in Saudi Arabia.
• Scope: Banking sector assessment, including supervision, capital adequacy, credit risk, market risk, internal controls, and legal support in revenue administration.
• Implementation note: Saudi Arabia implements International Financial Reporting Standards for banks, and insurance companies, and is served by the major accounting firms.

Banking sector structure and ownership

• Market concentration:
  • "The seven largest banks have a combined share of assets of 85 percent."
  • "The three largest banks have a combined share of about 45 percent."
  • "The next four each have market shares exceeding 5 percent."
• Ownership concentration:
  • "The dominant shareholders of the three largest banks are government entities."
  • "The fourth largest is linked to a family business group."
  • "The next three have ties to major international banks."

Regulatory and supervisory context

• The assessment evaluates observance of the Basel Core Principles for Effective Banking Supervision.
• Coverage includes supervisory topics and institutional frameworks referenced under subjects and keywords: Bank supervision, Banking, Capital adequacy requirements, Credit risk, Financial regulation and supervision, Internal controls, Legal support in revenue administration, Market risk, Revenue administration.
• Keywords indicating supervisory instruments and practices: Bank supervision, banking group, CR, Credit risk, Global, guideline document, internal audit, Internal controls, ISCR, Legal support in revenue administration, Market risk, risk management, risk profile, Sama circular, Sama official, Sama practice, Saudi bank.

Content in this bundle

• Summary Compliance with the Basel Core Principles––Report on Standards and Codes
  • Summary Compliance with the Basel Core Principles––Report on Standards and Codes (Markdown version)
  • Summary Compliance with the Basel Core Principles––Report on Standards and Codes (PDF)