Shariah-Compliant Digital Bank to be Established in Saudi Arabia by a Consortium of Banks
February 16, 2021 | Updated at February 16, 2021
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Email Several commercial entities have come forward to set up a digital bank in Saudi Arabia that will be fully compatible with Shariah guidelines. The proposed digital bank is subject to approvals from all concerned official agencies, as stated in media reports.
Why it matters?
In February 2020, the Saudi Central Bank (previously the Saudi Arabian Monetary Authority), had issued additional licensing requirements and guidelines for the establishment of digital-only banks in the country. These guidelines were issued as a part of Saudi Arabia’s efforts to create a regulatory framework with the aim of promoting the growth of a financial technology ecosystem based on innovation, in domestic and foreign markets.
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