By Mohammed Idries
Riyadh-Mubasher: Saudi Arabia’s retail financing sector completely relies on Islamic products, said Sami Al-Suwailem, head of financial product development centre at the Islamic Development Bank.
On the sidelines of the Islamic Finance Research Conference held in Riyadh , Al-Suwailem told Mubasher that although the kingdom has a relatively few number of Islamic banks, all local lenders provide Sharia-compliant products.
He added that Malaysia and Saudi Arabia rank first in the private Islamic banking industry, while Iran takes the lead in the private and public Islamic banking.
“The value of Islamic products is determined by efficiency, reliability and ability to meet customers’ needs,” Al-Suwailem said.
Translated by Abdul Maguid Aboshahla
