The Islamic financial sector in the Kingdom occupies the first place in the world


The Saudi Central Bank said: The Islamic financial sector in the Kingdom has witnessed a remarkable quantitative and qualitative development; This made it occupy the first place in the world in terms of size. The Deputy Governor for Research and International Affairs, Fahd bin Abdullah Al-Dosari, explained at the nineteenth annual conference of the Accounting and Auditing Organization for Islamic Financial Institutions “AAOIFI” for Shariah Boards, which was held under the auspices of the Central Bank of Bahrain that the total Islamic financial assets at the end of In 2020, it amounted to nearly 3 trillion riyals represented in the sectors of Islamic banking, sukuk, insurance, and investment funds; Which is more than 25% of Islamic financial assets globally, and he also pointed out that the share of the assets of the Islamic banking sector in the Kingdom represents 28.5% of the total Islamic banking in the world for the year 2020.

He explained that the size of assets continued to grow during the first half of 2021 AD to reach 2.2 trillion riyals by the end of the second quarter of 2021 AD, up from 1.9 trillion riyals during the same quarter of the previous year with an annual growth rate of 19.1%, driven by the accompanying growth in deposits, which amounted to 1.6 trillion riyals. During the second quarter of 2021, compared to 1.5 trillion riyals during the second quarter of the previous year, with an annual growth rate of 12%.

The Deputy Governor of the Saudi Central Agency for Research and International Affairs, Fahd bin Abdullah Al-Dosari, noted that the volume of Islamic financial assets globally reached 10.1 trillion riyals during the year 2020, achieving an annual growth rate of 10.7%, according to the last report issued in August 2021 AD by the Islamic Financial Services Board .

About the author

Leave a Reply

Your email address will not be published. Required fields are marked *