Saudi Islamic financial assets volume hits $800 bln: SAMA Governor

Fahad bin Abdullah Al-Mubarak, SAMA Governor 

Saudi Arabia’s Islamic financial services assets amounted to $800 billion, Governor of Saudi Central Bank (SAMA) Fahad bin Abdullah Al-Mubarak said.

During the 15th summit of the Islamic Financial Services Board (IFSB), Al-Mubarak explained that this includes the sectors of banking, sukuk, insurance, and investment funds.

The Kingdom is at the forefront in terms of the volume of Shariah-compliant financial assets globally, with approximately 28% of the total global Islamic financial assets.

Saudi’s Islamic banking sector witnessed rapid growth, as the aggregate Shariah-compliant funds amounted to more than $430 billion, while the aggregate volume of Shariah-compliant deposits reached $430 billion by the end of Q2 2021, SAMA’s Governor highlighted.

He indicated that the Islamic financial industry is growing to achieve Vision 2030 objectives.

The Islamic financial industry contributes to providing a prosperous life through financing a green and sustainable economy, developing and diversifying the economy through developing the equity and debt market, raising employment rates, and supporting small and medium enterprises (SMEs).