The Saudi Credit and Savings Bank is considering six funding programs which include financing prison inmates and small businesses in tandem with government and private authorities. Turki Al-Sudairi, Director of the Programs Administration at the bank, said the programs would be jointly-financed and interest-free venture. “The bank hopes to create job opportunities for young Saudis so they can become self-reliant with loans and development projects,” Al-Sudairi said. Programs tabled include funding prison inmates, individual street traders, fish farms, road “istiraha” rest houses, and historical buildings in collaboration with the Saudi Commission for Tourism and Antiquities. Royal Decree No. M/34 dated 27/6/2006 approved the Saudi Credit and Savings Bank regulation for four major goals: provide interest-free loans to small new enterprises and male and female Saudis with trade skills; provide interest-free loans to Saudis with limited incomes; act as coordinator in the sponsorship of small nascent businesses, and encourage individuals and companies to save. Since the formulation of the regulation, a board of directors has been formed to draw up general policy to be executed by an administrative apparatus headed by Abdul Rahman Bin Muhammad Al-Sehaibani, Director General of the Saudi Credit and Savings Bank.
