Abdul Ilah Saati Okaz newspaper Last year Saudi banks made unprecedented profits that amounted to SR35 billion, marking the largest profits made by our banks to date. The size of deposits in our banks was also astronomical and reached SR1,152 billion or SR1.152 trillion. Looking at these figures, it is understandable why banks are considered to be an important element in building the national economy. While Saudi banks are justified in achieving maximum profits, they do have duties and responsibilities toward the very society that enables such high profits. Before I proceed, it is necessary to highlight some of the features of our banking industry. Banks in the Kingdom enjoy privileges that are unimaginable for banks anywhere else in the world. For example, the state does not tax their profits as is the case in other countries. This is in addition to the logistical and organizational support they receive from the government represented by the Saudi Arabian Monetary Agency (SAMA), which is the supervising body of the banking sector. An additional privilege not offered to any other bank in the world is one in which, for religious reasons, deposits are made and no interest is given to the depositor. Regretfully, we do not feel that banks are carrying out their national responsibilities toward society, citizens or even public institutions. There are many questions regarding our banks' social role, especially at a time like this when we see other banks in the world contribute generously and effectively to the service of their societies. In the United States or Europe, for example, university labs, lecture halls, buildings, conference halls and classrooms are often built using donations from banks. We also see banks support scientific research, health centers, homeless shelters, hospitals, schools and charities. In general, banks in foreign countries spend 10 to 20 percent of their annual profits in service of society. If our banks spend 5 percent of their profits on charitable projects they could play a positive role in the nation-building process. Five percent of SR35 billion is SR1.75 billion, a figure that can drastically improve some of our schools, expand hospital wards and support charity organizations. By recognizing they have a duty toward society, banks can improve their image and set a good example for other companies to follow suit.
