Banking sector of Saudi Arabia continued to maintain its sound financial position during Q1, 2012. The policy makers, which comprise the Ministry of Finance, Saudi Arabian Monetary Agency (SAMA), Capital Market Authority (CMA) and other related regulatory entities, have made several notable efforts to improve regulation in the sector.
Recently, SAMA and CMA signed a memorandum of cooperation aimed at "developing a framework for cooperation to achieve a high degree of coordination between them and strengthen oversight of entities subject to their control, each according to its jurisdiction, thereby, leading to the development of the financial sector and enhancing its stability."
The banking sector is playing a vital role in the growth of Saudi economy. Saudi Arabia proved to be a world's fastest growing banking market. With advanced technology and favorable policies by the government, banking system has been able to improve steadily and consistently.
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