The Financial sector in Saudi Arabia has experienced tremendous changes over the past few decades, especially
due to the presence of oil. The socio-economic environment in this country has been confirmed to have a direct
impact on the performance of the financial sector. The socio-cultural beliefs and practices have been blamed for
the slow growth of this sector. The conservative culture towards women is seen as the main reason why some
women are yet to embrace banking as a way of keeping their money. Other banking institutions give men
superior services as compared to those given to women. This has discouraged some female customers, affecting
the sector negatively. However, production and export of oil has supported this sector as business people, who
come for the product, rely on the financial institutions to be able to trade. Tourism and agriculture have also
supported this sector.