Question 1

What is Saba Islamic Bank?

Accepted Answer

Saba Islamic Bank is a Sharia-compliant banking institution operating in Yemen. Established as a Limited Joint-Stock Company, it is recognized as the second-largest Islamic bank in Yemen. The bank serves a diverse shareholder base of approximately 7,500 shareholders from various segments of society.

The bank provides comprehensive Islamic banking operations both within Yemen and internationally. It has achieved recognition from the International Financing Community (IFC) and holds an Honor Associateship Certificate from the European Assembly for Marketing and Development, making it the first and only Yemeni Islamic bank to achieve international status.

Question 2

When was Saba Islamic Bank founded?

Accepted Answer

Saba Islamic Bank was established in 1996 under the decision of the Minister of Trade and Financing. The bank received its banking license from the Central Bank of Yemen in 1997. It officially commenced operations on April 3, 1997, in accordance with Article No. 26 of Law No. 21 for 1996 regarding Islamic banks.

The bank was founded to serve as an economic pillar for Yemen, providing Sharia-compliant financial services to the population. Since its inception, it has grown to become a significant player in Yemen's Islamic banking sector.

Question 3

Where is Saba Islamic Bank headquartered?

Accepted Answer

Saba Islamic Bank's main office is located in Sana'a, the capital city of Yemen. The bank's registered addresses include locations on 60 Street across Nwakshot Street in Sana'a (postal code 11054) and Saif Bin Thee Yazin Street in Sana'a.

The bank operates through a network that extends beyond its headquarters, with regional presence throughout Yemen.

Question 4

Where does Saba Islamic Bank operate?

Accepted Answer

Saba Islamic Bank operates primarily throughout Yemen with a network of approximately 15 branches. The bank has 14 branches located across various Yemeni governorates, covering most major cities and regions within the country. Additionally, the bank maintains one international branch in Djibouti.

All branches include dedicated female sections to accommodate the banking needs of women in accordance with cultural and religious considerations. The bank's branch network allows it to serve diverse communities across Yemen.

Question 5

What services does Saba Islamic Bank offer?

Accepted Answer

Saba Islamic Bank provides comprehensive Islamic banking services compliant with Sharia principles. The bank's offerings include retail and commercial Islamic banking operations, catering to individuals, small businesses, and corporate clients.

The bank's authorized capital stands at YER 10 billion, with a paid-up capital of approximately YER 9.3 billion. It provides financing facilities based on Islamic principles, deposit accounts, and investment management services.

The bank has participated in microfinance initiatives, partnering with organizations like the Islamic Corporation for the Development of the Private Sector (ICD) to support micro, small, and medium enterprises (MSMEs) in key sectors including agribusiness, food processing, fisheries, garment manufacturing, and healthcare.

Question 6

What makes Saba Islamic Bank unique?

Accepted Answer

Saba Islamic Bank distinguishes itself as the first and only Yemeni Islamic bank to achieve international recognition from the International Financing Community. It holds an Honor Associateship Certificate from the European Assembly for Marketing and Development.

The bank's broad shareholder base of approximately 7,500 shareholders from all segments of society reflects its community-rooted approach. It has maintained operations and resilience during challenging economic and political conditions in Yemen.

Additionally, the bank's commitment to financial inclusion is demonstrated through its comprehensive branch network with dedicated female sections and its active participation in development projects supporting entrepreneurship and economic resilience in Yemen.

Question 7

What type of financial institution is Saba Islamic Bank?

Accepted Answer

Saba Islamic Bank is an Islamic Commercial Bank operating under Yemen's banking regulations. It functions as a joint-stock Islamic banking institution, providing Sharia-compliant retail and commercial banking services.

The bank operates in full compliance with Islamic banking principles (Sharia law) as mandated by Law No. 21 for 1996 regarding Islamic banks in Yemen. It serves both retail customers and commercial enterprises, offering financing and banking services that adhere strictly to Islamic finance principles, avoiding interest-based transactions (riba) and instead utilizing profit-sharing and other Sharia-compliant financial structures.

Saba Islamic Bank

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About Saba Islamic Bank in Yemen