Saudi Arabia is the world’s largest Islamic finance incubator by assets, ranking first with a total of nearly SAR 3 trillion ($800 billion) which accounts for 28% of total global assets, confirmed Ziad al-Yousef, Deputy Governor for Development. and technology at the Saudi Arabian Central Bank (SAMA).
The Saudi Cabinet approving the fintech strategy would support the sector locally and make the Kingdom a technical hub in the ranks of developed countries, al-Yousef reiterated.
SAMA works to support the development of Islamic finance by issuing laws, publishing data and organizing specialized workshops, in addition to cooperating with the Financial Academy to launch professional certificates to strengthen specialized cadres in this area, al-Yousef said.
He added that open banking will help strengthen innovation, increase competitiveness and raise the level of financial inclusion, in addition to increasing the efficiency of the banking system, developing the digital economy and enabling financial institutions to support private sector growth by paving the way for new service providers.
Given the Kingdom’s leading position and as the largest holder of Islamic financial assets in the world and as part of its mission to achieve the Vision 2030 goals of creating a thriving economy and an ambitious nation, the Financial Sector Development Program (FSDP) has launched a “Global Islamic Finance Award.
The award aims to inspire and motivate individuals and institutions to advance the Islamic finance industry.
On this occasion, the Minister of Finance and Chairman of the Financial Sector Development Program Committee, Mohammed Al-Jadaan, said that the launch of this award, which coincides with the talks of the Financial Sector Conference 2 (FSC Talks 2), a prelude to the second edition of the Financial Sector Conference, to be held in March 2023, aims to achieve the following objectives: to promote the Islamic finance industry and strengthen its high and noble values; thus contributing to the achievement of the Sustainable Development Goals (SDGs). Furthermore, it seeks to promote excellence, innovations, scientific research and initiatives in Islamic finance, recognize creative achievements and raise awareness of the Islamic finance industry.
Moreover, it reinforces Saudi Arabia’s pioneering role in this industry, which aims to transform the Kingdom into a global Islamic finance hub by 2030.
The award categories include the following five competition tracks: Islamic Waqf (for institutions), Islamic Finance Technology (for institutions and individuals), Sustainable Islamic Investment (for institutions), Islamic Banking (for institutions) and research contributions and scientific articles (for institutions and individuals).