Saudi Arabia’s Shariah-Compliant Deposits Total USD 433 Billion as at End-2Q 2021: SAMA Governor

By the conclusion of the second quarter of 2021 (2Q 2021), Saudi Arabia’s total Shariah-compliant financing exceeded USD 430 billion and the total Shariah-compliant deposits reached USD 433 billion, said Fahad Al Mubarak, Governor of the Saudi Central Bank (SAMA).

Why it Matters?

The Governor cited a report from the Islamic Financial Services Board (IFSB) for the year 2021 as evidence of the Islamic financial industry's yearly growth of more than 10%, pushing Islamic finance to USD 2.7 trillion in 2020 from USD 2.4 trillion in 2019. In Saudi Arabia, the entire assets of Islamic financial services in the banking, Sukuk, insurance and investment funds sectors totalled almost USD 800 billion, accounting for nearly 28% of all Islamic financial asse...