Saudi Arabia: Islamic banks and finance
Checked on October 12, 2026
In Saudi Arabia all banks are licensed and supervised by the Saudi Central Bank (SAMA), which issued a Sharia governance framework for local banks in 2020. Most bank financing in the kingdom is Sharia-compliant: several banks are fully Islamic (Al Rajhi Bank, Alinma Bank, Bank AlBilad, Bank AlJazira), and most others, such as Saudi National Bank, mainly distribute compliant products. Since 2024 SAMA-licensed digital banks have started operating, including D360 Bank, which presents itself as fully Sharia-compliant. The state also funds part of its debt through a riyal-denominated sovereign sukuk programme.
The 5 providers
-
Al Rajhi Bank
Islamic bank- Since
- 1987
- Supervision
- SAMA
- Products
- Current account, Card, Savings, Home finance, Car finance, Personal finance, Business, Investments
-
Alinma Bank
Islamic bank- Since
- 2008
- Supervision
- SAMA
- Products
- Current account, Card, Savings, Home finance, Car finance, Personal finance, Business, Investments
-
Bank AlBilad
Islamic bank- Since
- 2005
- Supervision
- SAMA
- Products
- Current account, Card, Savings, Home finance, Car finance, Personal finance, Business, Investments
-
Bank AlJazira
Islamic bank- Supervision
- SAMA
- Products
- Current account, Card, Savings, Home finance, Car finance, Personal finance, Business, Investments
A commercial bank founded in 1975, Bank AlJazira converted all its activities to Sharia-compliant banking during the 2000s.
-
D360 Bank
Islamic bank- Supervision
- SAMA
- Products
- Current account, Card, Savings
A SAMA-licensed digital bank, D360 presents itself in 2026 as the first fully Sharia-compliant Saudi digital bank.
Before you commit
- Ask for the names of the Shariah board members and their published rulings on the product.
- Check that the provider is authorised by the country’s regulator.
- Compare the total cost, not just the monthly payment: the calculators in this section can help.
- Read the contract: who owns the property, who bears the risk, late-payment charges and where they go.