Bahrain-based Gulf International Bank (GIB) has been issued the necessary licence to operate as a local bank in Saudi Arabia by the kingdom’s Ministry of Finance under the Banking Control Law.

On this occasion, Jammaz bin Abdullah Al-Suhaimi, chairman of GIB expressed the bank’s gratitude and appreciation for the confidence demonstrated by the Saudi authorities in light of this announcement.

Al-Suhaimi underlined that the bank continues to further strengthen its operations in the Kingdom of Saudi Arabia as well as across the GCC region with the aim of becoming expediently near to its client base and more capable to provide better service to its clients.

The license is considered to be a significant turning point for GIB as it will reinforce its presence in Saudi Arabia through the offering of its services to its clients through providing innovative banking services and sustainable technology-oriented solutions.

Currently, GIB operates its banking activities in Saudi Arabia through its regional branches in Riyadh, Dhahran and Jeddah. These branches are regulated by the Saudi Arabian Monetary Authority which enabled the Bank to launch the world’s first retail banking Shariah-compliant digital banking service “Meem” in Saudi Arabia, in which it has widely been accepted.

“Meem” provides the best profit rate for Murabaha deposits across the Kingdom. For more than 40 years, Gulf International Bank has been trusted by its clients in the Kingdom to finance projects and investment services.

GIB has an asset base of SR89.8 billion ($24 billion) of which Saudi Arabia branches account for SR29.9 billion as at the quarter ended March 31, 2017. The investment arm of the Bank, ‘GIB Capital LLC’, is also considered to be one of the first companies licensed and supervised by the Capital Market Authority (CMA).

GIB is licensed by the Central Bank of Bahrain head quartered in Bahrain and owned by the governments of the six GCC countries, with KSA Public Investment Fund being the principal shareholder of 97.2 per cent. In addition to the activities of the Gulf International Bank in the GCC, the Bank has branches in the US and the UK. – TradeArabia News Service