To maintain the quality and soundness of the Saudi Arabian Benchmark "SAIBOR/SAIBID", banks were instructed in 2017 to form a SAIBOR technical working group (TWG) under the supervision of SAMA. The TWG includes representatives from Saudi Banks, the benchmark administrator and the Saudi Central Bank. The members were tasked to review the integrity and robustness of the current Saudi Arabian Interbank Offered Rate (SAIBOR) and identify areas for enhancement.

The enhancements to SAIBOR/SAIBID below are compatible with International Organization of Securities Commissions (IOSCO) principles for financial benchmarks. These enhancements were the results of the TWG assessment of the existing methodology and the results of the contributor banks surveys, feedback from a public market consultation performed by the benchmark administrator on the key changes being made to the methodology and the results of the benchmark administrator testing phase to demonstrate how the enhanced methodology would perform as compared to existing SAIBOR.

The enhancement issued by SAMA in exercise of the authority vested under the Saudi Central Bank Law issued via Royal Decree No. M/36 dated 11/04/1442H, and the Banking Control Law issued 22/02/1386H.

These requirements supersedes the previous requirements provided in Circular No. 30986/67 issued in 17/05/1440H.