Islamic finance 'key to Saudi Arabia's economy'

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RIYADH: The Islamic finance industry’s role in stimulating the national economy was highlighted at a Riyadh workshop organized by the Saudi Arabian Monetary Authority (SAMA).

Turki Al-Mutairi, SAMA deputy governor for research and international affairs, inaugurated the workshop, held under the banner “The Islamic Financial Industry’s Role in Achieving National Aspirations.”

More than 30 participants took part in the second edition of the workshop, which focused on the essential role the Kingdom’s Islamic financial industry played in the financing of small and medium enterprises.

In four keynote sessions, the core topics discussed were the role of SAMA in the Islamic financial industry, its growth within the sector, and the importance of the Islamic financial industry in supporting the overall financial structure of Saudi Arabia.

Ahmad Asiri, a representative of SAMA’s Islamic financial division, presented the first session.

The second session, presented by Raja Al-Marzoqi, associate professor at the Diplomatic Studies Institute, discussed achieving goals through a sustainable developmental plan, while also strengthening the competitive role of the Islamic economy in achieving sustainability in accordance with the Kingdom’s Vision 2030 plan.

The third session sought to highlight the added value of the Islamic financial industry, and the necessity of its role in financing vital sectors that consist of small and medium enterprises.

The session was presented by Sami Al-Swailm, acting executive director of the Islamic Institute for Research and Training.

The fourth session, presented by Adnan Kaiari, head of the Islamic finance department at the Islamic Economy Institute, focused on the role of research and education institutes in raising awareness about the Islamic financial industry’s services.

Increasing financial awareness through programs that educate the public on the importance of mindful budgeting, building financial skills, as well as intelligent spending was also discussed.

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