Saudi Arabia Tops Islamic Financial Service Sector with $800 bln in Assets

The signing ceremony of the MoU between the Saudi Ministry of Investment and King Saud University (Asharq Al-Awsat)
The signing ceremony of the MoU between the Saudi Ministry of Investment and King Saud University (Asharq Al-Awsat)
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Saudi Arabia Tops Islamic Financial Service Sector with $800 bln in Assets

The signing ceremony of the MoU between the Saudi Ministry of Investment and King Saud University (Asharq Al-Awsat)
The signing ceremony of the MoU between the Saudi Ministry of Investment and King Saud University (Asharq Al-Awsat)

The Islamic financial services industry in Saudi Arabia enjoys a prominent position globally, announced Deputy Governor of the Saudi Central Bank (SAMA) for Research and International Affairs Dr. Fahad Bin Abdullah Al-Dossari.

The total assets of the industry in the banking sector, the Sukuk sector, the insurance sector, and the investment funds sectors amounted to $800 billion, which puts it in the lead, according to the 2021 report of the Islamic Financial Services Board (IFSB).

Dossari spoke during the 42nd Al-Baraka Islamic Economics Symposium, which ended recently at the Islamic University of Madinah.

He pointed out that the Islamic financial services industry has witnessed an evident quantitative growth in assets, adding that it has also developed at the international level.

Its global assets amount to about $2.7 trillion, achieving annual growth of more than 10 percent, said Dossari. He noted that the Islamic banking sector continues to acquire the most significant amount of the industry's assets, up to 68 percent.

The official stated that the sector witnessed rapid growth in Saudi Arabia, as the total Sharia-compliant financing amounted to over $4.5 billion, with an annual growth rate of 18 percent.

The total Sharia-compliant deposits amounted to more than $4.7 billion, with an annual growth rate of about 13 percent.

Meanwhile, the Saudi Ministry of Investment signed a memorandum of understanding with King Saud University to bolster cooperation, develop investment opportunities, and exchange data and expertise in the field.

It comes within the framework of the Ministry's efforts to achieve its objectives of attracting investments, enabling the sector to grow, facilitating access to investment opportunities, localizing knowledge and expertise, and enhancing integration efforts between public sectors.

The memorandum will establish regular graduate programs and master's programs based on the needs of the Ministry of Investment and in its areas of interest.

It will help develop investment opportunities in the university's assets to serve the objectives of the National Investment Strategy and achieve new resources for the university.

It will also motivate graduate students and their supervisors to adopt research in basic, applied, economic, and financial research related to investment.

The agreement provides courses, seminars, and workshops to promote a culture of sustainable investment and support training and development opportunities in investment and entrepreneurship.



Turkish Manufacturing Sector Contracts Further in March, PMI Shows

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
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Turkish Manufacturing Sector Contracts Further in March, PMI Shows

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)

Türkiye's manufacturing sector contracted further in March, with output and new orders continuing to ease amid difficult market conditions both domestically and internationally, a survey showed on Wednesday.
The Purchasing Managers' Index (PMI) slipped to 47.3 from 48.3 in February, marking the lowest reading since October last year, survey compilers S&P Global reported. A PMI reading below 50 indicates a contraction in activity, Reuters reported.
March marked the 21st consecutive month of declining new orders, with the slowdown being the most pronounced since last October. New export orders fell at the fastest pace since November 2022.
"Challenging market conditions both at home and abroad meant for further moderations in output and new orders in March as Turkish firms struggled to secure business," said Andrew Harker, Economics Director at S&P Global Market Intelligence.
Despite the downturn, there were signs of stabilization in some areas. Inventory levels held steady after 10 months of depletion, and suppliers' delivery times improved for the first time in six months, reflecting reduced demand for inputs.
Inflationary pressures eased slightly although currency weakness continued to drive up costs. Employment in the sector also saw a slight reduction for the fourth consecutive month, though the decrease was the smallest so far this year.
Manufacturers remain cautiously optimistic about future output, hoping for improvements in new orders and demand from the construction sector over the coming year.