The Saudi Arabian Monetary Agency (SAMA) has asked local banks to hire more Saudis, according to financial sources.
Saudi banks are employing a large number of expats in financial management, a financial source said.
The banks also use foreign professionals that are on the sponsorship of other companies so that they will not affect them in terms of Saudization. The latest SAMA procedure is aimed at correcting the employment situation in the Kingdom.
Many of the local banks are using Indians, Sri Lankans and Pakistanis in financial management and information technology (IT) departments. Most of international banks use specialized staff from various sectors to manage their work.
Employees must have sufficient experience in their field because the financial implications within these sectors are very large and risky, said financial expert Yazin Al-Mustafa.
Some banks establish specialized units in financial capitals such as New York and London, and the majority of their employees are foreign, Al-Mustafa said. He also said that the financial sectors should be seen differently on the matter of Saudization, especially in local administrations and companies branched from banks. SAMA has the capacity to verify the rate of Saudis who are working in the banks. Banks cannot prevent Saudization, Al-Mustafa added.
The recent decision aims to address the current 12-percent unemployment rate among young Saudis, Al-Mustafa said.
SAMA asks local banks to hire Saudis
