The Small and Medium Enterprises (SME) Bank has announced the appointment of Ibrahim bin Hamad Al-Rashed as the Chief Executive Officer, with immediate effect. The appointment has been approved by the Board of Directors of the National Development Fund.  

In his new role, Ibrahim brings around three decades of industry leadership experience. He will be spearheading the bank’s growth strategies to support the SME sector in the Kingdom. “This appointment aligns with the bank’s ongoing efforts to enhance its role in supporting the national economy in line with Saudi Vision 2030,” stated SME Bank in its official announcement.  

The bank noted that, “SME Bank was established under the resolution of the Saudi Council of Ministers, No. (376), dated 4/7/1442 AH (corresponding to 16/2/2021), and its regulation was issued under Royal Decree No. (M/46) dated 08/04/1444 AH (corresponding to 02/11/2022 AD) as one of the developmental funds and banks under the National Development Fund.”  

“The bank aims to increase financing for the SME sector, bridge the financing gap, enhance the contributions of financial institutions in providing innovative financial solutions, and achieve financial stability for this vital sector—positioning it as a key pillar of economic development in the Kingdom of Saudi Arabia and an active contributor to achieving Vision 2030.”  

His Excellency Yousef bin Abdullah Al-Benyan, Chairman of the Board of Directors of SME Bank, extended his congratulations and appreciation to the new CEO and wished him success in leading the bank through its next phase of development and growth. This period is expected to be promising in achieving the bank’s developmental and strategic goals.  

The Board also expressed gratitude to the former Acting CEO Abdulrahman bin Mohammed bin Mansour, for his significant efforts in strengthening the bank’s position and enhancing its services. His wealth of experience will enable him to lead the bank toward greater success and expansion in supporting SMEs.  

Prior to this appointment, Ibrahim worked with the Social Development Bank as the CEO for over six years. Previously, he served TakaMoL Holding as the Vice President, Al Rajhi Bank as the Chief Information Officer (CIO), Al-Rashed Office as a Consultant Auditor, and the Electronic Transactions Center as the Director General. He also served Yanbu Cement Company, Gasco, and the Saudi Authority for Accredited Valuers as a key board member.  

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On the academic front, Ibrahim holds a master’s degree in computer science from the Florida Institute of Technology in the United States of America and a bachelor’s degree in computer science from King Saud University. He also holds key certifications, including a legal arbitration certificate, and certifications in communications and IT.