(MENAFN)A senior industry expert, who showed that the end of the GCC rift and growing emphasis on green finance both increase the Kingdom’s credentials, stated that Saudi leadership in the Islamic finance economy set to remain into 2021.
Arab News quoted Fitch Ratings’ Global Head of Islamic Finance Bashar Al-Natoor as saying that “The region, and specifically I would say Saudi Arabia, is leading the Islamic finance market globally.”
“Although Islamic finance is small globally, it is significant in the Middle East, and it is very significant in Saudi Arabia.”
Across the five key sectors of Islamic finance — Islamic banks, Sukuk, Takaful, fund management and Sharia-compliant corporate sectors — Saudi Arabia was historically known only to direct in countries where there was dual Islamic and conventional financing.
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