About Riyad Bank
Riyad Bank is a financial institution that operates in the banking and finance industry. The bank offers a wide range of services including personal and corporate banking, credit cards, loans, and digital banking services. It also provides various types of financing solutions such as personal loans, auto-lease loans, and mortgage loans. It was founded in 1957 and is based in Riyadh, Saudi Arabia.
Riyad Bank's Products & Differentiators
personal finance from Riyad Bank is there to help meet and achieve financial aspirations. consumers can get Tawarruq or Murabaha finance or personal finance without salary transfers.
Latest Riyad Bank News
Nov 6, 2023
Economy of Saudi Arabia Dubai – Al Arabiya.net Published on: November 05, 2023: 08:51 AM GST Last updated: November 05, 2023: 04:51 PM GST The Purchasing Managers’ Index of Riyad Bank in Saudi Arabia showed a noticeable increase in employment during the month of last October, in non-oil economy companies in Saudi Arabia. According to the index issued on Sunday, the strong rise in new businesses helped lead to a noticeable expansion in activity, which led to the largest improvement in job numbers in 9 years. The companies surveyed reported that strong demand and strong production expectations led to the need to increase employee numbers, and as a result, total employee numbers rose to the highest degree since October 2014. Strong labor market conditions helped lead to a faster increase in wages, increasing input cost pressures as purchasing price inflation also accelerated. However, companies cut selling prices for the second month in a row amid other reports that strong competition has eroded market share. The main reading is the Riyad Saudi Bank’s seasonally adjusted Purchasing Managers’ Index, which is the average of 5 indicators that include new orders 30%, production 25%, employment 20%, in addition to supplier delivery times 15%, and purchases inventory 10%. The main purchasing managers index rose for the second month in a row last October, rising from 57.2 points in September to 58.4 points in October. The reading was the highest since June and indicated a significant improvement in the conditions of the non-oil private sector in Saudi Arabia. Business activity continued to grow at a significant rate at the beginning of the fourth quarter, in response to increasing currency demands and improving economic conditions, and companies also reported a sharp increase in incoming new business, with the expansion rate improving to its highest level in 4 months. Growth in production and new business remained broad across the manufacturing, construction, wholesale, retail and service sectors. Riyad Bank’s chief economist, Nayef Al-Ghaith, said that the employment sector in the Kingdom witnessed an expansion that reached 59.5 points, and this includes the non-oil sector, and there is no difference between the industrial sector or services, supported by a significant expansion of demands, with expectations for future growth to cover demand levels. Backlog He added in an interview with Al Arabiya Business that the decrease in backlog of work is a good thing, and a number of establishments included in Riyad Bank’s survey of purchasing managers reported an improvement in the work environment and the completion of some work electronically, which made it easier for companies and reduced the occurrence of backlog of work. He pointed out that the readings of the Riyad Bank Purchasing Managers’ Index improved, and said that the Saudi domestic product is divided into oil and non-oil output, and the first witnessed a contraction of 4.5% during the third quarter, driven by a reduction in petroleum production, and currently about 9 million barrels are produced per day, compared to 11 million barrels in the corresponding period. From last year, it is expected that the low production of oil will continue, and thus the GDP of this sector will record a decline. He continued, “On the other hand, the non-oil GDP is expected to continue growing as shown in the Purchasing Managers’ Index and to approach 5% by the end of this year.”
Riyad Bank Frequently Asked Questions (FAQ)
When was Riyad Bank founded?
Riyad Bank was founded in 1957.
Where is Riyad Bank's headquarters?
Riyad Bank's headquarters is located at Riyadh.
Who are Riyad Bank's competitors?
Competitors of Riyad Bank include Emirates NBD, Al Baraka Islamic Bank, Al Rajhi Bank, Alinma Bank, AlinmaPay and 7 more.
What products does Riyad Bank offer?
Riyad Bank's products include personal financing and 4 more.
Compare Riyad Bank to Competitors
Abu Dhabi Islamic Bank is a financial institution that operates within the banking industry. The bank offers a range of Shari’a compliant banking solutions, including personal and business accounts, debit and credit cards, financing options, and investment products. It primarily serves the financial sector. It is based in Cairo, Egypt.
Arab National Bank (ANB) is a bank that offers comprehensive commercial and investment banking services. It is based in Riyadh, Saudi Arabia.
Alraedah Finance is a financing institution for small and medium enterprises seeking to achieve long-term, sustainable growth. It offers comprehensive coverage of Sharia-compliant financing solutions within the Kingdom. It provides point-of-sale financing products and e-commerce financing products. It was founded in 2016 and is based in Riyadh, Saudi Arabia.
Tamam is a fintech company that provides consumer micro-lending services. The company offers instant financing without complicated documentation or visiting bank branches. The company was founded in 2019 and is based in Riyadh, Saudi Arabia.
HAB Bank is a bank. It offers business banking, personal banking, cash management, trade services, and institutional banking. It was founded in 1983 and is based in New York, New York.
AMAAN is a sharia-compliant digital platform for female microentrepreneurs seeking prosperity and peace. It empowers women entrepreneurs and their families to develop businesses through business solutions based on digital-based Sharia principles. The company was founded in 2021 and is based in South Jakarta, Indonesia.