FINANCIALS SECTOR
Bank Albilad
BETTER BANKING
Bank Albilad
- www.bankalbilad.com/en/
- Year company founded: 2004
- Number of employees: 3,500
- Market capitalization: SAR 21.26 billion
Bank Albilad is an Islamic financial institution established in 2004 with a corporate capital of SAR 7.5 billion. In less than 16 years, the bank consistently achieved double-digit growth in most financial indicators.
Abdulaziz Al-Onaizan
CEO, Bank Albilad
The bank has placed innovation at the forefront, and it was amongst the first to digitize products and services in the Kingdom. This provided customers with simpler and more efficient processes to access basic banking services, including digital account opening and mobile payments applications in line with the Kingdom’s goal of creating a cashless society and financial inclusion.
Backed by a robust digital infrastructure and business continuity planning allows the bank to swiftly adapt to any disruptions in business operations.
Abdulaziz Al-Onaizan, CEO of Bank Albilad, said “Our digital transformation journey started in 2017. We strive to be the preferred choice for Islamic banking solutions through launching initiatives and innovations that exceed the expectations of our stakeholders - our clients, employees and shareholders.” Moreover, Al-Onaizan is passionate about his employees and nurturing their talents and he believes this will ultimately benefit customers.
The bank holds multiple partnerships with the government and private sector organizations. The bank supports the Kingdom’s goal of increasing home ownership by developing various home loan options in the country - a mandate carried out in partnership with the Ministry of Housing and Real Estate Development Fund (REDF). Another example is the ZOOD Savings Program, a joint undertaking between Bank Albilad and the Social Development Bank.
Bank Albilad is also focused on addressing environmental and sustainability issues by introducing various year-round initiatives to achieve maximum impact in the community. Al-Onaizan says, “We incorporate social and environmental impact in our decision-making because we consider it important for our business. ESG is an important foundation of the bank’s strategy. We are proud to say that we are amongst the first banks to launch ESG initiatives through fully developed strategies and processes.”
The Saudi Exchange inclusion to the MSCI Emerging Markets Index led to a record inflow of SAR 54.01 billion from foreign portfolio investors during the first half of 2019. “We are very excited about the growth the stock exchange is achieving, which is benefiting many companies while also seeing Islamic banking products are part of the global investment mix,” Al-Onaizan concludes, “The potential is huge as more investments are poured in across all sectors.”
Looking to the future, Al-Onaizan is optimistic, “With investments in technology, employee development, infrastructure, and product innovation, our growth will continue well into the future.”
We are proud to say that we are amongst the first banks to launch ESG initiatives through fully developed strategies and processes
Headquartered in Riyadh and listed on the Saudi Exchange, Bank Albilad provides Shariah-compliant products and services to personal and corporate clients and micro, small and medium-sized enterprises. Through Albilad Capital, it also undertakes investment and asset management activities.
The bank’s vision is to be the preferred choice of innovative Islamic banking solutions, and its mission is to leverage digital transformation, network, and human capital to deliver the highest levels of customer experience and competitive value propositions in the best interests of its clients, its employees, its shareholders, and the communities it serves.
The bank comprises three main divisions, Corporate Banking focuses on financing corporate, institutional and public sector markets, financing small and medium enterprises and financial institutions. Retail Banking focuses on providing deposits-based services, savings, remittance and exchange services, personal and mortgage financing and credit cards, while Treasury’s activities are investing in capital markets, liquidity and foreign exchange, and Treasury services.
As one of the first banks in the Middle East to launch a digital bank account for individuals and corporates, Bank Albilad is a digital pioneer in the Kingdom. Digital transformation reduces costs, generates better margins, and increases engagement with clients to make sure they are served in a professional, personalized and prompt manner. It has received several accolades in the field of digital banking and new product development during the past couple of years.
SAR 7.5 billion Total corporate capital
Bank Albilad headquarters
The bank sees huge opportunities in the financial services sector, driven by the ambitious goals of Saudi Vision 2030. New government projects and initiatives will stimulate demand for credit and foreign equity investments in the Kingdom, and the sector will benefit from growth in housing, entertainment, construction, and education. Supporting the government’s initiatives to increase home ownership from 50 percent to at least 70 percent and MSME contribution to GDP from 20 percent to 35 percent is a top priority.
Bank Albilad is proud to support the communities it serves, not only through banking services, but also through donations and practical support for projects that benefit the segments of society in greatest need. It was recognized for its Red Sea clean-up efforts. It also sponsored a Chair for Environmental Sustainability and Food Security within the CSR program of King Faisal University, as well as the International Day of Persons with Disabilities.
It nurtures its employees by providing coaching, training, and development opportunities.
Bank Albilad is committed to the sustainability of its business and social responsibility programs in line with the goals of Saudi Vision 2030.
The bank spares no effort to contribute to the Kingdom’s sustainable economic, social, and environmental development. Social responsibility is the cornerstone of the bank’s strategic policies, plans, and decisions. It is a part of the banks daily operations and activities, and “affirms the internal awareness of social responsibility within the bank’s culture and identity.
Throughout its history, Bank Albilad introduced numerous social and environmental initiatives and programs under its Corporate Social Responsibility Program #Albilad_Mubadara supported by the bank’s ambassadors volunteering work, which played a significant role in their success.
Bank Albilad introduced more than 60 initiatives and programs to support the banking sector and Saudi society.
Bank Albilad operates 150 branches, with seven sales centers, complemented by almost 1,000 ATMs. The bank also operates 177 remittance centers under its Enjaz remittance arm across the Kingdom of Saudi Arabia