First: The establishment
Deposit Insurance Corporation is a public entity with financial & administrative independence. It was established by the virtue of Law No. 33 of 2000, aiming at protecting depositors with banks in the Kingdom by insuring their deposits according to the provision of the law, so as to encourage saving and to strengthen the confidence in the banking system in the kingdom.
The Corporation was launched in line with the international contemporary changes in the structure of the banking sector. Currently, there are approximately 100 countries adopting explicit deposit insurance systems compared to only twelve countries in the mid-seventies that had deposit insurance systems.