Riyadh-Mubasher: The international rating agency Fitch ranked the Saudi banking system fourth-best and the strongest banking system in the world, after Australia, Canada and Singapore, said Fahd Al-Mubarak, governor of Saudi Arabian Monetary Agency (SAMA).
He said the Sharia-compatible financial activity is witnessing remarkable growth at the international level, with an average ratio estimated at 17% per annum, Saudi Press Agency reported.
This led to the achievement of its financial assets except for the last five years where it stood at about $1.3 trillion, mostly in Middle East countries.
The kingdom has 30 financing companies operating under the umbrella of SAMA, and all of which provide Sharia-compatible products, the governor said.
He added that SAMA also supervises 35 cooperative insurance companies.
