SAMA Organize Workshop on Islamic Finance

The Saudi Central Bank (SAMA) organized a workshop entitled “The Islamic Finance: Growth through Innovation.”

This workshop comes in light of the rapid growth of the Islamic finance industry, since its inception at the global level, where the Kingdom has witnessed significant quantitative and qualitative developments, in Islamic finance, which indicates its leading position in this field.

During the opening speech of the workshop, the Governor of “SAMA” indicated that the Islamic finance sector, in the Kingdom, has witnessed continuous growth over the past period, as Islamic finance has contributed significantly to the economic growth of the local private sector.

Saudi Arabia ranks first in the world, in terms of Islamic financial assets, the governor added, noting that the assets of local Islamic banking services amounted to more than $565 billion, by the end of first quarter of 2021, he pointed out.

Saudi Central Bank is working to enhance the digital infrastructure of the financial sector to achieve innovative growth, and that the field of financial technology, in Islamic finance in particular, is a wide area for the growth and expansion of Islamic finance, he stressed.

The workshop dealt with three main areas: Strategies of Islamic banks to deal with the post-Coronavirus pandemic (Covid-19), digitization of banking services, as well as the opportunities and challenges presented by FinTech, he concluded.