Riyadh, August 15, 2023, Ayman Al-Sayari, the Governor of the Saudi Central Bank (SAMA) and Chairman of the Islamic Financial Services Board's (IFSB) Council, extended a warm welcome to the esteemed council members gathered at the IFSB 20th Anniversary Symposium. In his opening remarks, Al-Sayari expressed his gratitude for their presence and emphasized the significance of this milestone event. In a recent statement, Al-Sayari highlighted the remarkable growth experienced by the global Islamic finance sector. According to Al-Sayari, the sector's assets have reached an impressive value of over SAR 11.2 trillion. This substantial figure reflects an average growth rate of 9.6% over the past three years. In a recent statement, he emphasized the longstanding and significant ties between Saudi Arabia and Islamic finance. Saudi Arabia boasts the world's largest Islamic Finance market, a testament to its prominence in the global financial landscape. The kingdom's impressive Islamic assets, spanning various sectors, have surpassed an astounding SAR 3.1 trillion. This remarkable achievement solidifies Saudi Arabia's position as a leading player in the realm of Islamic finance. In a recent statement, Al-Sayari, a prominent figure in the financial industry, revealed that the Islamic banking sector holds a significant position in the global market, with its assets representing a substantial 33% of the total Islamic bank assets worldwide. In a recent statement, the Governor highlighted Saudi Arabia's prominent position as the leading sovereign sukuk issuer globally. Additionally, the Governor shed light on the remarkable growth of the cooperative insurance sector in the country, which has been recognized as the fastest-growing on a global scale. Astonishingly, this sector is projected to witness a staggering growth rate of nearly 27% in the year 2022. The highly anticipated annual meetings of the Islamic Financial Services Board (IFSB) took place in the vibrant city of Riyadh from August 14th to 16th, 2023. The Saudi Arabian Monetary Authority (SAMA) hosted the event, which provided a forum for stakeholders and industry experts to gather and discuss the most recent developments in the Islamic finance sector. With a primary focus on fortifying the resilience and stability of the Islamic Financial Services Industry (IFSI), the discussions held during these meetings aimed to propel the industry forward and foster its continued growth. In a recent statement, Al-Sayari, a prominent figure in the financial industry, conveyed his deep gratitude towards the committed efforts of contributors who have played a pivotal role in successfully attaining the objectives set forth by the Islamic Financial Services Board (IFSB) over the span of the last twenty years. In a recent statement, he emphasized SAMA's unwavering dedication to bolstering the International Financial Services Board's (IFSB) endeavors to cultivate a robust and secure Islamic finance market. The highly anticipated annual meetings of this year were nothing short of remarkable, as they showcased a plethora of captivating sideline events and engaging dialogue sessions. Respected experts and powerful decision-makers from various industry sectors graced these sessions. During the sessions, a comprehensive analysis was conducted on the historical developments of the Islamic financial industry, shedding light on its pivotal role in the economic development of member countries. The discussions placed a strong emphasis on the need for increased international cooperation to further advance this industry. In a series of meetings, the esteemed board members meticulously examined the 2023 Report of the International Financial Stability Board (IFSB). Against the backdrop of increasingly stringent global financial conditions, the board members delved into the various outlooks presented within the report. In a recent statement, they emphasized the significance of thoroughly assessing the soundness, resiliency, and interconnectedness of various industry sectors, such as Islamic banking, capital markets, and Islamic insurance.
