Saudi Arabia reiterates focus on driving financial sector via Islamic finance

SectorFinancial Markets
CountrySaudi Arabia

Saudi Arabia is undoubtedly the biggest Islamic finance market in the Middle East. The kingdom is now banking on its comparative advantages to lead the industry to a global level and expects them to bring economic progress and social prosperity, effectively contributing to Vision 2030.A new report form Islamic Research and Training Institute (IRTI) states that, by the end of 2018, Islamic finance assets in Saudi Arabia reached $879.2 billion (SAR 3,297 billion), making the kingdom the largest Islamic finance market globally among economies with dual financial systems comprising both conventional and Islamic financial sectors.“Saudi Arabia is unquestionably a major hub of the Islamic financial industry not only in the Middle East, but also worldwide. With Vision 2030, and with an energetic and innovative youth population, Saudi Arabia has a great potential to lead the industry in the 21st century. Not surprisingly, Islamic finance is one of the key pillars of the Financial Sector Development Program set out by the Government of Saudi Arabia,” Dr Bandar Hajjar, President of the IsDB Group, stated.IRTI launched the report titled “Islamic Finance in Saudi Arabia: Leading the Way to Vision 2030” alongside the G20 Summit that is being held in the more...