IMO News Service
Saudi Arabia’s credentials is going to boost and its leadership in the Islamic finance is going to continue in 2021, Arab News quoted a senior industry expert as saying. The prospects have brightened after the resolving of the GCC-Qatar rift and the growing focus on green finance.
Bashar Al-Natoor, Fitch Ratings’ Global Head of Islamic Finance, said that the Middle East region, specifically Saudi Arabia, is currently leading the Islamic finance market globally.
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Saudi Arabia is maintaining lead across the 5 key sectors of Islamic finance, including Islamic banks, Takaful, Sukuk, fund management and Sharia-compliant corporate sectors. Until now, Saudi Arabia was historically seen to be only leading in countries where the dual Islamic and conventional financing thrived.
The end of the GCC-Qatar rift and the normalization of ties has increased the confidence of the investors in the region and successfully eliminated a political risk, in addition to providing a material boost to the Sukuk market.
Saudi Arabia’s credentials is going to boost and its leadership in the Islamic finance is going to continue in 2021, Arab News quoted a senior industry expert as saying. The prospects have brightened after the resolving of the GCC-Qatar rift and the growing focus on green finance.
Bashar Al-Natoor, Fitch Ratings’ Global Head of Islamic Finance, said that the Middle East region, specifically Saudi Arabia, is currently leading the Islamic finance market globally.
Saudi Arabia is maintaining lead across the 5 key sectors of Islamic finance, including Islamic banks, Takaful, Sukuk, fund management and Sharia-compliant corporate sectors. Until now, Saudi Arabia was historically seen to be only leading in countries where the dual Islamic and conventional financing thrived.
The end of the GCC-Qatar rift and the normalization of ties has increased the confidence of the investors in the region and successfully eliminated a political risk, in addition to providing a material boost to the Sukuk market.