Dr. Fahad Aldossari, deputy governor of the Saudi Central Bank (SAMA) for Research and International confirmed that the Islamic finance industry in the Kingdom occupies a position of prominence on a global scale. The total sum of its assets within all of the banking sector, sukuk sector, insurance sector and the investment funds sector approaches the total of three trillion riyals, representing around 28% of the industry’s global assets. According to the 2021 report of the Islamic Financial Services Board (IFSB), these numbers puts the Kingdom in the first place; as the industry’s global leader with a chart-topping share of its assets.
This was said during SAMA’s participation in the 42nd “Al-Baraka” Islamic Economics Symposium titled ‘Envisioning the future of the digital economy from the viewpoint of Islamic Finance’ at the Islamic University of Madinah, between the 19-21 April 2022 AD.
On the same note, Aldossari pointed out that the Islamic finance industry has witnessed a clear quantitative growth in terms of the size of assets and its spread on an international level, reaching close to $2.7 trillion in value according to IFSB’s 2021 report, to achieve an annual growth of more than 10%, with the Islamic banking sector maintaining the largest proportion 68% of these assets, at a nominal value of 1.8 trillion dollars.
In his statement, the deputy governor elaborated on the rapid quantitative developments that were witnessed in the Islamic Banking Sector within the Kingdom as the sum total of Sharia-compliant financing activities reached one trillion and 720 billion riyals for an annual growth rate of around 18%. On the other hand, the sum total Sharia-compliant deposits amounted to more than one trillion and 780 billion riyals for an annual growth rate of about 13% by the end of 2021 AD.