Saudi Arabia is known as being a major Islamic financial hub with lucrative Shariah compliant investments being made on a daily basis from countries around the world.
Mr. Abduallah Bin Sulayman Al Rajhi, CEO of Al Rajhi Bank, and Abdulkarim Abu Al Nasr, CEO National Commercial Bank (NCB), held a joint press conference where they discussed the leadership position that KSA holds when it comes to Islamic Finance.Al Rajhi stated that the recent royal decrees will add a major thrust to the Saudi economy in the upcoming era, and insured that the banking sector will be among the beneficiaries who will support these decrees to take effect. He also confirmed that all of the banking transactions in Saudi follow Shari'ah laws.
Abdulkarim Abu Al Nasr predicted that, due to the increasing population, the Saudi economy will yield in almost 4% growth this year with many mega projects in the pipeline. He added that KSA holds 25% of the overall Arab state economy with huge demand positioned on Islamic finance.
"Saudi banks have been vibrant in supporting SME's - which play a major role in the economy - with NCB offering more than 1500 loans valued at 1.6 Billion SAR added Abu al Nasr. He also emphasized that funding SME's should be done on the principles of CSR and not profitability, which imposes on banks the responsibility to train and educate loan beneficiaries to be able to succeed in their projects."
Abu Al Nasr also shed light on the services that Saudi Banks offers to SME owners through Kafalah program with over SR 1Billion worth of loans given to young men and women already.
"It has been reported that Saudi Arabia has one of the largest and fastest growing banking markets in the Middle East. During the last few years, there have been significant changes in the Kingdom's banking sector. For instance, introduction of new products/services and distribution channels, more banks offering Islamic Banking services, and the opening up of the banking and insurance sector to foreign investors has resulted in various positive changes."
The report said increased demand for consumer and corporate financing in the enhanced economic conditions will fuel the growth in the Kingdom's banking sector.
Moreover, the Kingdom, in terms of pool of funds, is the largest player in the global Islamic finance market. Strong government involvement and increasing demand for Islamic products have contributed to the growth in the Kingdom's Islamic banking industry.
The report further showed that the private sector dominates the Kingdom's banking sector and accounts for the bulk of credit extended as well as deposits received.
Continuous expansion of commerce industry and various industrial sectors including construction and manufacturing and service sector, like transports, accounted for this growth, it added.
Article from Global Islamic Finance Magazine
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