Riyadh-Mubasher: Saudi Arabia accounts for nearly 20% of the world’s Islamic financing industry, said the central bank governor.
Fahad Al-Mubarak, Governor of the Saudi Arabian Monetary Agency (SAMA) added that the Sharia-compliant banking industry in Saudi Arabia witnessed remarkable growth over the last years.
Al-Mubarak told the Islamic Finance Research Conference on Tuesday that around 50% the Saudi banking sector’s assets are compliant with the Islamic Sharia.
“Besides banks, the kingdom has 30 companies offering Islamic financing products for retail and institutional clients, as well as 35 cooperative insurance firms,” the governor said.
He added that the Islamic banking industry has attracted more attention over the last decades, thanks to its strong growth rates and ability to withstand financial crises.
More than 2,000 financial institutions around the world offer Islamic financing products worth more than $2 trillion, of which 37% are dominated by the GCC region, Al-Mubarak said.
The GCC also accounts for nearly 33% and 45% of the sukuk market and assets of Islamic investment funds, respectively. In addition, the region dominates over 40% of the world’s cooperative insurance sector.
Translated by Abdul Maguid Aboshahla
