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.
- 2:01 Pakistan's Islamic banks show its conventional peers how it's done
- 1:28 AAOIFI-World International Conference, edition 12
- 1:20 Pakistan finalizes two consortiums to raise another $2b
- 1:27 International Islamic Liquidity Management Corporation Increases Sukuk Issuance to $3bln
- 16:06 ASI ABUSINESS WEEK EP 396 SBN
- 16:33 ASI ABUSINESS WEEK EP 396 ISLAMIC FINANCE
- 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
- 3:05 Islamic finance body IIFM launches FX forward standards
- 1:30 Iran to enjoy chairmanship of Islamic finance body IFSB in 2017
- 3:31 Islamic finance body International Islamic Liquidity Management auctions first four month sukuk
- 1:40 Islamic finance body International Islamic Liquidity Management auctions first four month sukuk
- 19:32 ASIA BUSINESS WEEK EP 385 SBN
- 2:33 Saudi Arabian developer Jabal Omar to raise 4 billion riyals via sukuk –sources
- 0:52 Dubai Meraas Holding issues $200 mln tap of private sukuk due in 2022 -document
- 19:28 Asia Business Week EP 385 SHINE ISLAMIC FINANCE..mpg
- 17:12 ASIA BUSINESS WEEK
- 1:16 Securities Exchange Commission of Pakistan is easing Sukuk rules as part of a measure to facilitate Islamic finance to develop the Shari'a compliant market.
- 2:26 Morocco's CIH bank is positioning for growth as the North African country prepares to introduce a more flexible exchange rate system and expand its Islamic banking sector
- 1:55 Malaysia Is On Track To Achieve Global Halal Hub status by 2020 backed by a holistic ecosystem
- 1:34 14th Malaysia International Halal Showcase Expects To Generate At Least 400 Mln Malaysian Ringgit From international sourcing program
- 3:31 Brunei welcomes Foreign Direct Investment in Halal food industry