Socio-economic Background of Saudi Society and its Impact on the Financial Sector

  •  Shahnaz Hamid    


The Financial sector in Saudi Arabia has experienced tremendous changes over the past few decades, especiallydue to the presence of oil. The socio-economic environment in this country has been confirmed to have a directimpact on the performance of the financial sector. The socio-cultural beliefs and practices have been blamed forthe slow growth of this sector. The conservative culture towards women is seen as the main reason why somewomen are yet to embrace banking as a way of keeping their money. Other banking institutions give mensuperior services as compared to those given to women. This has discouraged some female customers, affectingthe sector negatively. However, production and export of oil has supported this sector as business people, whocome for the product, rely on the financial institutions to be able to trade. Tourism and agriculture have alsosupported this sector.

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