Saudi Arabia joins Islamic finance body, could boost cross-border deals
Islamic products represent around half of banking system assets in the Kingdom, but the regulator doesn’t distinguish between Islamic or conventional banks and applies the same prudential standards to all of them.
Islamic finance follows religious principles such as bans on gambling and outright speculation, with interest-bearing products deemed off-limits.
SAMA confirmed the move in a separate statement, without specifying whether it planned to make AAOIFI standards enforceable or if it would adopt all or some of them.
Saudi-based Islamic banks include Al Rajhi Bank and Alinma Bank, while National Commercial Bank is in the process of converting into a full-fledged Islamic lender.
Saudi lenders remain domestically focused, but adopting AAOIFI standards could help them venture into other majority-Muslim countries.The Saudi government has also taken steps to tap into Islamic finance, issuing debut Islamic bonds earlier this year denominated in both riyals and U.S. dollars.
- 2:03 PPAF awarded for services towards financial inclusion
- 3:28 Alliance Islamic Bank launches social crowdfunding platform
- 3:34 Only 1.6 pct of green bonds issued in Q1 2019 were Shariah-compliant sukuk – Moody’s
- 3:06 Fintech to help Qatar become Islamic finance hub QFC
- 1:56 UAE bank awards Dh1 million to Indian expat after maintaining account for six years
- 2:46 5th International Islamic Finance Executive Program Concludes in Jeddah
- 1:51 KFH first bank in Kuwait to Join RippleNet for cross-border instant payments
- 4:27 China cross-border stock trade plan could be a game changer
- 2:35 Saudi Arabia to Join Turkey, Indonesia to found Islamic Finance infrastructure bank
- 2:51 Islamic finance body IFSB throws down gauntlet on sukuk
- 3:05 Islamic finance body IIFM launches FX forward standards
- 1:30 Iran to enjoy chairmanship of Islamic finance body IFSB in 2017
- 4:03 UNIT 3 RIBA, INTEREST AND PROFIT A
- 3:09 UNIT 3 RIBA, INTEREST AND PROFIT B
- 3:07 UNIT 3 RIBA, INTEREST AND PROFIT C
- 3:29 UNIT 3 RIBA, INTEREST AND PROFIT D
- 19:37 Economic System Of Islam Part 01
- 26:27 The foundation of Islamic Economics Part 02
- 37:10 Finance and Financing Part 04
- 13:49 Basic Principles of Islamic Economics Part 03
- 2:44 UNIT 1 ECONOMIC SYSTEM OF ISLAM PART I
- 4:21 UNIT 1 ECONOMIC SYSTEM OF ISLAM PART H