Insurance, Banking and Financial Supervision in the Kingdom of Saudi Arabia (KSA) – A Survey

18 Pages Posted: 7 Nov 2020

See all articles by Giuseppe Orlando

Giuseppe Orlando

Università degli Studi di Bari “Aldo Moro” (UNIBA) - Department of Economics and Mathematical Methods; Università degli Studi di Camerino - School of Science and Technologies

Date Written: October 8, 2016

Abstract

Insurance, banking and financial supervision in Saudi Arabia is under the responsibility of the Central Bank of Saudi Arabia (which has the function of issuing the national currency, supervising banks, managing foreign exchange reserves, ensuring price and exchange rate stability, the soundness of the financial system and operating a number of cross-bank electronic financial systems) and the Capital Markets Authority of Saudi Arabia (who is regulating capital markets/the Saudi Stock Exchange by setting rules and making sure they are followed). The CMA is a government organization applying full financial, legal, and administrative independence, and has direct links with the Prime Minister.

The most important laws regulating the financial sector are the Capital Markets Law (CML) and Cooperative Insurance Law (CIL), which aim to achieve compliance with the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) principles. Another important law is the Capital Market Law (Royal Decree No. (M/30) dated 2/6/1424H), which formally brought into existence the Capital Market Authority (CMA) and the Banking Control Law (BCL).

Keywords: Banking, Insurance, Regulation and Supervision, Saudi Arabia

JEL Classification: E5, G21

Suggested Citation

Orlando, Giuseppe, Insurance, Banking and Financial Supervision in the Kingdom of Saudi Arabia (KSA) – A Survey (October 8, 2016). Available at SSRN: https://ssrn.com/abstract=3695171 or http://dx.doi.org/10.2139/ssrn.3695171

Giuseppe Orlando (Contact Author)

Università degli Studi di Bari “Aldo Moro” (UNIBA) - Department of Economics and Mathematical Methods ( email )

Via C. Rosalba 53
VI Floor, Room 12
Bari, 70124
Italy
+39 080 5049218 (Phone)

Università degli Studi di Camerino - School of Science and Technologies ( email )

Via M. delle Carceri 9
Camerino, 62032
Italy

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