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Saudi Islamic Finance Close to $800bn, Kingdom Ranks First in the World: SAMA Official

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RIYADH: The Islamic financial industry in Saudi Arabia has a prominent position in the world, with nearly SR3 trillion ($799.7 billion) of total assets, the Saudi Central Bank Deputy Governor for Research and International Affairs, Fahad Abdullah Al-Dossari, said.

This represents approximately 28 percent of the total Islamic financial assets globally, making the Kingdom the first in the world, according to the Islamic Financial Services Board report issued in 2021, Al-Dossari said in a seminar on April 25.

An official from the Saudi Central Bank, also known as SAMA, pointed out that the Islamic financial industry has witnessed an evident quantitative growth in the size of its assets and its spread at the international level, Saudi Press Agency reported.

Its assets amounted to about $2.7 trillion, according to the IFSB report, achieving annual growth of more than 10 percent, he said. (https://arab.news/ydm7k)