2016 has been a seminal year for Saudi Arabia. A radical overhaul of its investment and fundraising strategy have led to high-profile deals with Uber and SoftBank, its debut on global bond markets and other ambitious reforms. But with so much change afoot, is enough being done to manage its domestic banking sector? 

Widely criticized over many years for its slow pace of reform and seeming unwillingness to modernize, 2016 will no doubt go a long way in helping to silence Saudi...