SAMA, Islamic Financial Services Council Release Islamic Finance Report

The Saudi Central Bank (SAMA) and the Islamic Financial Services Council, released the Islamic finance report, in the Kingdom, as part of the preparatory activities for the 15th Islamic Financial Services Council Summit, organized by SAMA, in Jeddah, on 9-11 November 2021.

Participants in the introductory event of the summit watched a documentary film, reviewing the Kingdom’s journey with Islamic financial services from the reign of King Abdulaziz Al Saud until the reigns of King Salman bin Abdulaziz Al Saud, that witnessed the launch of the Kingdom’s vision “2030”, which paid great attention to the financial sector, and made it one of its ambitious programs to achieve the transformation aspired by the Kingdom, within the Financial Sector Development Program, to bring about a qualitative leap in the process of economic diversification, in the Kingdom..

The Deputy Governor of the Saudi Central Bank for Research and International Affairs Dr. Fahd Al-Dosari stated that the launch of the report is the result of efforts between SAMA and the council, looking forward that the report would contribute to supporting the growth and development efforts of the Islamic banking sector, and be useful and comprehensive and reflect all the developments the country as well as the domain, are experiencing.

The Islamic financial sector in the Kingdom and its role in enhancing the strength of the Saudi economy, is crucial, he remarked, noting that the report will be available on the website of SAMA.

He reviewed the role of support provided by the Kingdom’s government to the development of Islamic financial services, in order that the Kingdom shall become a pioneer in the industry of Islamic financial services and Islamic finance, at the global level, pointing to the progress made by the Kingdom in digital transformation, its role in developing the Saudi banking sector, and indicating the excellence of the Fintech Saudi Arabia platforms.