SAMA organized the “Islamic Finance: Growth Through Innovation“ event on September 26, 2021, under the patronage of Governor of the Saudi Central Bank (SAMA) Dr. Fahad Al-Mubarak.
The event comes in light of the rapid growth of the Islamic Finance industry at the global level, where the Kingdom of Saudi Arabia experienced substantial progress, which is a testimony to its leading position in the field.
In his keynote address, Governor of SAMA stated that Saudi Arabia’s Islamic Finance sector continues to grow for the past years and contributed to the economic growth of the domestic private sector. Governor Al-Mubarak also pointed out that Saudi Arabia is the largest Islamic Finance market in the world. He mentioned that the local Islamic banking assets reached more than USD 565 billion in Q1 2021. Dr. Al-Mubarak stated that SAMA is working to enhance the digital infrastructure of the financial sector to bring forward innovative growth and that the Islamic FinTech space in particular offers exciting new growth opportunities for the industry.
The ‘Islamic Finance: Growth Through Innovation’ event discussed three key areas, i.e., Strategies for Islamic banks to deal with the post COVID-19 pandemic world, Digitalization of banking services and Opportunities and challenges provided by FinTech.