Standard Chartered: Saudi Arabia to lead Islamic finance development

Saudi Arabia is heading toward strengthening its position as a global hub for Islamic finance, leveraging the size of its economy and the depth of its financial sector. The focus is on expanding Islamic financing and achieving a balance between growth and compliance with Shariah principles and governance standards. Islamic finance assets in the kingdom have exceeded 3.1 trillion riyals, with the Islamic banking sector accounting for approximately 33% of the total assets of Islamic banks worldwide. This sector is experiencing rapid development, reflecting the growing demand from international investors. Additionally, the sukuk market in Saudi Arabia plays a key role, as it has become the largest sovereign issuer of sukuk globally, raising 119 billion riyals from its 2025 issuances, with expansions into both domestic and international debt markets. Experts affirm that Saudi Arabia possesses strong fundamentals for a greater global role, provided that product development, investment in technology and expertise are prioritized. It is also essential to keep pace with technological innovation while maintaining product integrity and Shariah compliance—especially as the market moves toward artificial intelligence and digital services. The sector is expected to grow by as much as 62% by 2029.

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