Iqama (also pronounced as igama) or Residence Permit is the main identity card in Saudi Arabia. If you are caught without the original iqama in your possession than, you may be jailed until you produce the original and fined as below:
SR 1,000 for the first time
SR 2,000 for the second time
SR 3,000 for the third time and deportation.
Incase you iqama has been taken by your company or sponsor for renewal; then he is supposed to issue a notice on company letterhead with your photo with company stamp. This you should carry at all time until you get the original iqama back.
With the recent raids, we have heard of incidents where people with above mentioned paper have been arrested because they did not possess the original iqama. So take care and avoid going out unnecessary during this period.