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Saudi Arabia Financial Sector Assessment Program - Basel Core Principles

Core Content

This report is part of the Financial Sector Assessment Program (FSAP) conducted by the International Monetary Fund (IMF) and the World Bank (WB) in Saudi Arabia between January 16 and February 5, 2024. It evaluates the compliance of the Kingdom's banking regulation and supervision framework with the Basel Core Principles (BCP) for Effective Banking Supervision.

Main Findings

1. Regulatory and Supervisory Progress

• Saudi Arabia has made significant progress in strengthening its banking regulatory and supervisory framework in recent years.
• New laws and regulations, such as the Saudi Central Bank Law (SCBL, 2020), the Anti-Money Laundering Law (2017), and updated Basel III disclosures, have been introduced.
• The authorities are preparing a new draft Banking Control Law (BCL) to further enhance the framework.

2. SAMA's Role and Responsibilities

• The Saudi Central Bank (SAMA) is responsible for prudential regulation and supervision of banks, finance companies, and payment service providers.
• SAMA also serves as the designated Resolution Authority and administers the Depositors Protection Fund (DPF).
• However, SAMA lacks full supervisory powers, such as the ability to calibrate prudential requirements based on risk profile and systemic relevance, and to impose sanctions before legal breaches.

3. Operational Independence and Legal Protection

• SAMA's operational independence is limited due to the requirement for prior approval from the Minister or Council of Ministers.
• Legal protection for SAMA and its staff, including retired staff and agents, needs to be strengthened.
• The appointment and removal process of SAMA's governing body should be made more transparent.

4. Risk Management and Supervision

• SAMA has a risk-based approach but needs to expand its focus to include the safety and soundness of solo banks and group entities.
• The current framework does not adequately address related party and country/transfer risks.
• There is a need for more comprehensive consolidated supervision, including assessment of reputation and contagion risks, and the impact of foreign operations.

5. Liquidity and Capital Requirements

• Prudential requirements are mostly compliant with Basel standards, but monitoring is limited to the domestic level.
• The Large Exposure Rules apply at both solo and consolidated levels, but SAMA's monitoring excludes overseas branches and subsidiaries.
• SAMA needs to ensure that all areas, including liquidity and capital, are monitored at both solo and consolidated levels.

6. Supervisory Tools and Processes

• Onsite inspections are thorough and compliance-focused but could be extended to assess qualitative aspects such as risk culture.
• SAMA should systematically engage with bank boards and management to improve risk assessment and strategic oversight.

7. Cross-Border Cooperation

• Cross-border cooperation between SAMA and relevant home and host supervisors is largely absent.
• Full memorandums of understanding (MoUs) need to be established with the Insurance Authority, the remaining seven host supervisors, and other relevant stakeholders.

8. Islamic Finance

• Shari'ah-compliant (SC) banking products and services dominate the sector, accounting for about 80% of assets and funding base.
• Islamic banking is primarily driven by consumer preference based on religious considerations.
• The Islamic banking landscape is characterized by relatively simple products, which reduce prudential risks.

Key Recommendations

• Update the Banking Control Law (BCL): The new draft BCL should enhance SAMA's independence, accountability, and legal protection.
• Strengthen Prudential Requirements: Focus on related party and country/transfer risks, and ensure that all prudential requirements are applied at both solo and consolidated levels.
• Improve Supervisory Tools: Conduct independent reviews of SAMA's supervisory tools and their use, and enhance the quality and comprehensiveness of onsite inspections.
• Enhance Cross-Border Cooperation: Establish full MoUs with home and host supervisors, and relevant stakeholders in the context of resolution.
• Expand Risk Assessment Scope: Include assessments of group entities and their impact on the risk profile of the banking group.
• Ensure Comprehensive Monitoring: Monitor all areas, including liquidity, capital, and risk, at both solo and consolidated levels.

Conclusion

The assessment highlights the need for further improvements in Saudi Arabia's banking regulatory and supervisory framework to align more closely with the Basel Core Principles. The current system is compliant in substance but requires enhancements in operational independence, legal protection, and risk management practices. The proposed new Banking Control Law represents a key opportunity to modernize and strengthen the framework.