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Governor of SAMA: International Rating Agency Places Saudi Banking System 4th Globally

Governor of SAMA: International Rating Agency Places Saudi Banking System 4th Globally
7 Mar

Makkah, SPA :

 Governor of the Saudi Arabian Monetary Agency Dr. Fahd bin Abdullah Al-Mubarak stated that the international rating agency "Fitch" ranked Saudi banking system fourth-best and the strongest banking system in the world, after Australia, Canada and Singapore.

 In a speech during the Islamic Banking and Finance Conference, organized by Makkah-based Umm Al Qura University, he explained that financial activity compatible with the provisions of Islamic law, is witnessing a remarkable growth at the international level, with an average ratio estimated at 17% per annum, resulting in the achievement of its financial assets except for the last five years where it stood at about 1.3 trillion dollars, mostly in the Middle East countries, especially Islamic countries, with more than half a million employees were accommodated in these financial drains.

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