Lending by Islamic Banks in Saudi Arabia Rises 4.56% in 2Q 2021

According to the Saudi Central Bank (SAMA), in the second quarter of 2021 (2Q 2021) Islamic banks’ total lending rose to SAR 1.6 trillion, a rise of 4.56% from the previous quarter. At the end of the first quarter of 2021, cumulative loans given by Islamic banks stood at SAR 1.5 trillion.

Why it Matters?

This quarterly increase in lending corresponds to a year-on-year growth of 19.49%, according to new data on the Islamic banking system released by SAMA.

Details

The overall assets of Islamic banks increased by 5.11% in 2Q 2021, reaching SAR 2.23 trillion. According to the SAMA data, Islamic banks' deposits climbed by 1.88% in 2Q 2021, totalling SAR 1.62 trillion. This was an increase of 11.87%, from the SAR 1...