About this Report
This is SAIB’s third consecutive Integrated Report. Through this Report, the Bank communicates with stakeholders its strategy, governance, performance, and prospects in the context of the operating environment and how it creates value in the short, medium, and long term.
Integrated reports balance the need to communicate effectively through concise, relevant information while providing comprehensive compliance-related disclosures. The Report is available in print and PDF format as well as in end-to-end interactive online HTML format with features that make it easier to find, record, extract, and share information.
Report boundary
The Report largely covers the operations of The Saudi Investment Bank (referred to as “SAIB”) only, unless otherwise stated. The boundary for financial reporting includes SAIB and its subsidiaries and associate companies (referred to as “the Group”).
Reporting period
Our reporting covers the period from January 1 to December 31, 2019 and is consistent with our usual annual reporting cycle for financial and sustainability reporting. There are no restatements of information provided in previous reports and no significant changes from previous reporting periods in the scope and aspect boundaries.
The most recent previous integrated report covered the 12-month period ended December 31, 2018.
The Integrated Report has been issued in both English and Arabic, and in the event of any discrepancy, the Arabic version shall prevail.
Compliance
The information contained herein, as in the past, is in compliance with all applicable laws, regulations, and standards. In preparing this Integrated Report we have drawn on concepts, principles, and guidelines given in The International <IR> Framework and The Smart Integrated Reporting Methodology™.
As provided in the paragraphs 2.10 and 2.17 – 2.19 of The International <IR> Framework, organizations preparing an integrated report are not required to adopt The <IR> Framework categorization of capitals. Accordingly, we have categorized the capitals differently, in our business model diagram, to best describe our value creation process. Our value creation story is a discussion based on our strategic imperatives and their implementation.
This Report has been prepared in accordance with the GRI Standards: Core option.
These Consolidated Financial Statements as of and for the year ended December 31, 2019 have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed in the KSA and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (SOCPA); and are in compliance with the provisions of the Banking Control Law, the Regulations for Companies in the KSA, and the Bank’s Articles of Association.
The Consolidated Financial Statements as of and for the year ended December 31, 2018 were prepared in accordance with IFRS as modified by the Saudi Arabian Monetary Authority (SAMA) for the accounting of Zakat and Income Tax (relating to the application of IAS 12 – “Income Taxes” and IFRIC 21 – “Levies” insofar as these relate to Zakat and Income Tax) and in compliance with the provisions of the Banking Control Law, the Regulations for Companies in KSA, and the Bank’s Articles of Association.
Queries
The Bank’s Corporate Communication Group is the custodian of this Report. For comments or queries please contact the Head of CSR at Head Office, The Saudi Investment Bank.
GRI 102-46, 102-48, 102-49, 102-50, 102-51, 102-52, 102-53, 102-54