The Bank defines stakeholders as individuals or entities who potentially have the most significant impact on the Bank’s value creation process and those who are materially impacted by its activities.
Although there is an extensive range of stakeholders who are able to directly or indirectly impact the performance, the Bank is able to effectively manage its interactions with those that matter most to its operations by categorizing key stakeholder groups as given below.
Accordingly, the Bank’s key stakeholders are:
The unprecedented conditions that prevailed during the year (refer The Economic and Business Background on page 20 for details), created a critical need for the Bank to engage with its stakeholders. The Bank strengthened collaboration by maintaining continuous and open engagement with its stakeholders through multiple platforms, in order to clearly identify their concerns and aspirations and facilitate sustainable value delivery. The Bank’s stakeholder engagement process enables to better adapt to meet the evolving challenges, drive innovation, and gather invaluable insights for the Bank’s strategic planning process.
Stakeholder Engagement Process
The Bank’s stakeholder engagement process is an ongoing process to ensure that the Bank remains relevant and responsive to stakeholder concerns. The stakeholder engagement process of Alinma Bank is illustrated as follows:
Stakeholder engagement method
Formal mechanisms are in place to connect with the Bank’s stakeholder groups. The responsibility for such engagement is shared across the Bank at every stakeholder point of contact.
