Describe the Islamic finance and banking industry in Saudi Arabia. What are the achievements and future opportunities of the Islamic finance and banking industry in Saudi Arabia?
Answer & Explanation
Solved by verified expert2-My answer:Islamic finance and banking industry in Saudi ArabiaIslamic banking is based on the Shariah, which is the Islamic religious law. It is a system of banking or financial activity that is consistent with the Shariah and its practical application through the development of Islamic economics. The Islamic banking system is based on the concepts of risk and profit sharing. (Islamic Banking, n.d.)Islamic banking in Saudi Arabia has made great strides in recent years. The Saudi government has taken several measures to promote the development of the Islamic banking sector. These measures include the establishment of the Saudi Arabian Monetary Agency (SAMA), the country’s central bank, and the Saudi Arabian Financial Supervisory Authority (SAMA), the country’s financial regulator. The Saudi government has also established the Saudi Arabian Institute for Banking and Financial Studies (SAIBFS) to train and educate Saudi bankers a
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nd finance professionals. The Saudi government has also issued a number of regulations and guidelines to promote the development of the Islamic banking sector. The Saudi government has also established a number of incentives for banks to promote the development of the Islamic banking sector. These incentives include the granting of banking licenses to Islamic banks, the granting of preferential treatment to Islamic banks in the allocation of government deposits, and the granting of tax exemptions to Islamic banks. The Saudi government has also provided Islamic banks with access to the Saudi Stock Exchange. The Saudi government has also established a number of development funds to support the development of the Islamic banking sector. The Saudi government has also created a number of specialized institutions to support the development of the Islamic banking sector. These institutions include the Saudi Arabian Industrial Development Fund (SIDF), the Saudi Arabian Agricultural Development Fund (SADF), and the Saudi Arabian Real Estate Development Fund (SREDF). The Saudi government has also established a number of Islamic banks and financial institutions. These institutions include the Islamic Development Bank (IDB), the Islamic Development Corporation (IDC), and the Islamic Development Investment Company (IDIC). The Saudi government has also provided Islamic banks with access to the Saudi Arabian Riyal (SAR), the country’s currency. The Saudi government has also taken steps to promote the use of Islamic banking products and services. The Saudi government has also established a number of Shariah boards to oversee the Shariah compliance of Islamic banks. The Saudi government has also established a number of Islamic investment funds. The Saudi government has also provided Islamic banks with access to the Saudi Arabian Capital Market Authority (CMA). The Saudi
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