Saudi Arabia houses the largest Islamic Finance market in the world with total assets across sectors exceeding SAR3.1 trillion ($826.5 billion), said Governor of the Saudi Central Bank (SAMA) and Chairman of the Islamic Financial Services Board's (IFSB) Council, Ayman Al-Sayari. 

 

The global Islamic finance sector has witnessed accelerated growth, with the value of its assets standing at over SAR11.2 trillion, displaying an average growth of 9.6% over the last three years, he said at the IFSB 20th Anniversary Symposium, according to a Saudi Press Agency report.  

 

"The kingdom's Islamic banking sector alone accounts for 33% of the global Islamic bank assets," Al-Sayari said. 

 

The governor also noted that Saudi Arabia is the largest sovereign sukuk issuer in the world and its cooperative insurance sector is the fastest growing worldwide, with a growth rate approaching 27% in 2022.

 

The IFSB's annual meetings, hosted by SAMA from August 14 to 16 were held in Riyadh to discuss developments in the Islamic finance sector and boost the resiliency and stability of the Islamic Financial Services Industry (IFSI).