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Standard Chartered: Saudi Arabia Leads Islamic Finance
Saudi Arabia is heading toward strengthening its position as a global hub for Islamic banking, with financing assets exceeding 3.1 trillion riyals, accounting for 33% of the assets of international Islamic banks according to 2023 data. Saudi Arabia is considered one of the most important markets for Islamic finance worldwide, supported by its economic size, depth of the financial sector, and the development of the sukuk market, which raised 119 billion riyals domestically and 20.6 billion riyals internationally in 2025. The sector is focusing on innovation, especially with advancements in technologies such as artificial intelligence and digital services, while maintaining compliance with Shariah principles and good governance. It is expected that the volume of the Islamic banking sector will grow by up to 62%, reaching $9.7 trillion by 2029, driven by vast opportunities in wealth management, Shariah-compliant investments, and expanding the international networks of Saudi financial institutions.
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