Riyadh, Saudi Arabia – Saudi Arabia boasts the world’s largest Islamic finance market, with combined Islamic assets across various sectors surpassing $826.6 billion (SAR 3.1 trillion), Ayman Al-Sayari, the Governor of the Saudi Central Bank (SAMA) and Chairman of the IFSB’s Council said in his opening address at the 20th Anniversary Symposium of the Islamic Financial Services Board (IFSB).
Notably, the Islamic banking sector in Saudi Arabia contributes a substantial 33% of the global Islamic bank assets.
Al-Sayari revealed that the total value of Islamic finance assets worldwide has surged to over $2.99 trillion (SAR 11.2 trillion), showcasing an impressive average growth rate of 9.6% over the past three years.
The Governor further highlighted Saudi Arabia’s achievements in the Islamic financial arena. The country stands as the leading sovereign sukuk issuer worldwide, while its cooperative insurance sector has witnessed unparalleled growth, surging at an impressive rate of nearly 27 percent in 2022.
The annual IFSB meetings, hosted by SAMA from August 14 to 16, 2023, were held in Riyadh to foster discussions surrounding the Islamic finance sector’s progress and to enhance the resilience of the Islamic Financial Services Industry (IFSI).