Saudi Arabia is world’s largest incubator of Islamic financial assets

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Saudi Arabia is the largest incubator of Islamic finance in the world in terms of assets, with a total of approximately SAR3 trillion ($800 billion) that represents 28% of the total global wealth, said Ziad Al-Yousef, head of development. Confirmed Deputy Governor and Technology in the Saudi Central Bank (SAMA).

The Saudi cabinet that approved the fintech strategy will support the sector at the local level and make the Kingdom a technology hub in the category of developed countries, confirmed Al-Yousef.

SAMA is working to support the development of Islamic finance by issuing legislation, publishing data and holding specialized workshops, in addition to collaborating with the Financial Academy to launch professional certificates to enhance specialized cadres in this field. It has been, Al-Yousef clarified.

He said that open banking will contribute to enhancing the efficiency of the banking system, developing the digital economy and enabling financial institutions to support the growth of the private sector, apart from driving innovation, enhancing competitiveness and enhancing the level of financial inclusion. Opening the way for new service providers.

As part of its mission to achieve the Kingdom’s leading position and the world’s largest holder of Islamic financial assets and to achieve the Vision 2030 objectives of building a thriving economy and an aspirational nation, the Financial Sector Development Program (FSDP) has A “Global Prize for Islamic Finance.”

The purpose of this award is to inspire and motivate individuals and institutions to advance the Islamic finance industry.

On the occasion, Mohamed Al-Jadaan, Minister of Finance and Chairman of the Financial Sector Development Program Committee, said that the launch of the award, which coincides with the Financial Sector Conference Dialogue 2 (FSC Dialogue 2), except for the second edition.

The Financial Sector Conference, to be held in March 2023, aims to achieve the following objectives: To promote the Islamic finance industry and to inculcate its lofty and noble values; Thus contributes to achieving the Sustainable Development Goals (SDGs). Additionally, it strives to promote excellence in Islamic finance, innovations, scientific research and initiatives, recognize creative achievements, and raise awareness of the Islamic finance industry.

In addition, it reinforces Saudi Arabia’s leading role in this industry, which aims to transform the Kingdom into a global Islamic finance hub by 2030.

The categories of the award include the following five competition tracks: Islamic Waqf (for institutions), Islamic Finance Technology (for institutions and individuals), Sustainable Islamic Investment (for institutions), Islamic Banking (for institutions), and Research Contribution. and scientific papers (for institutions and individuals).— Financial News