Saudi Arabia Reinforces its Position as the World’s Largest Market for Islamic Finance: Moody’s

Moody’s Investors Service (Moody’s), in a recent report, stated that Islamic financing in Saudi Arabia is anticipated to reach 80% of system-wide loans over the next one-and-a-half years, from 78% in 2019, and 70% in 2013.

The growth is expected to come about as corporates, as well as households, increasingly turn towards the use of Islamic products, despite the challenges imposed by the on-going pandemic and low oil prices.

This will boost Saudi Arabia’s position as the largest Islamic finance market in the world, having recorded total Islamic finance assets of USD 339 billion as at March 2020, far ahead of Malaysia (the second-largest market) with total Islamic...