SAMA, Institute of Islamic Economics Hold Joint Workshop

Saudi Central Bank (SAMA), in cooperation with the Institute of Islamic Economics, held a joint workshop under the title “Developing the Islamic Financial Sector: Future Possibilities and Opportunities.”

The workshop is a part of a series of workshops specialized in Islamic finance under the auspices of the Central Bank of Saudi Arabia, aimed at discussing several related topics, in the Islamic finance industry.

At the beginning of the workshop, which was inaugurated by the Dean of the Institute of Islamic Economics, Dr. Muhammad Nassif, the Deputy Governor of the Saudi Central Bank for Research and International Affairs, Dr. Al-Dosari, delivered a speech, in which he welcomed the attendees, addressing the quantitative development of the Islamic financial industry, as it experienced a quantitative growth in the size of its assets and its spread, at the international level, with a size of its assets amounted to approximately SR10.1 trillion ($2.7 trillion) in 2020, according to the report of the Islamic Financial Services Board.

Assets of the Islamic financial sectors in the Kingdom enjoy a prominent position in the world, as well as in the various Islamic financial sectors, Al-Dosari explained, giving an example: Islamic banking in the Kingdom represents the largest weight of the total Islamic banking, globally, as it accounted for more than 28% for the Year 2020, indicating that each industry has its own vision, goals and pillars.

There must be effective capabilities that contribute to achieving what is desired of them, he added, indicating that the Islamic finance industry is characterized by comprehensiveness, innovation, sustainability and flexibility.

Such features urge everyone to work on the existence of effective possibilities to consolidate Islamic finance on the global map, especially with the renewal of financial services and products.

The workshop included four sessions, in which the development of the Islamic financial sector and the most prominent future possibilities and opportunities were discussed.

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