Riyadh-Mubasher: Shariah-compliant borrowers from Saudi banks represent nearly 90% of total borrowers, said Fahad Al-Mubarak, governor of the Saudi Arabian Monetary Agency (SAMA).
The Saudi banks offer diversified Islamic services such as Murabah, Makkah newspaper reported, citing Al-Mubarak.
The governor highlighted the importance of small and medium-sized enterprises (SMEs) and providing them with Islamic financing.
Saudi Arabia has 350,000 SMEs and the government guarantees 80% of the loans offered to enterprise owners, Al-Muabrak said.
He stressed the great importance of merger of Islamic banks as it will help increase Islamic solutions for individuals and SMEs.
