The value of women's current deposits in the banking sector reached approximately 130 billion riyals, which represents about 20% of total individual deposits.
The Secretary-General of the Banking Awareness and Media Committee in Saudi Banks, Talaat Hafez, revealed that it is a banking error to call these deposited funds frozen or suspended funds, considering that funds that are subject to freezing in bank accounts are due to the failure to update the bank account and the expiry of the legal and official supporting documents under which the bank account was opened and the funds and deposits were deposited into it.
He added: “Funds deposited in current accounts cannot be described as idle or unused, as the decision to move and employ these funds, whether in commercial or investment activities, is ultimately the client’s decision. The bank has no right to force or even dictate to the client the decision to invest or employ those funds in commercial activities. However, banks naturally market many investment products through their financial arms in the form of investment funds and portfolios. Ultimately, the client’s decision to invest his money in these funds and portfolios remains entirely his own, and banks cannot or are not permitted to make it on his behalf.”
