On October 12, 2021, the Saudi Central Bank, represented by His Excellency Dr. Fahad Abdullah Aldossari, deputy governor for Research and International Affairs, participated in the 19th Annual Shari'ah Boards Conference organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), under the auspices of the Central Bank of Bahrain.

In a speech at the opening session, Aldossari said that he is pleased to participate in the conference, which comes about at an important time when the economy is rapidly rebounding amid unfolding changes and developments. He continued that the meeting is an opportunity for professionals and experts in the Islamic finance industry to communicate and discuss opinions and views on the industry.  He also pointed out that the Islamic finance industry has evolved to offer financing and banking operations that abides with the principles of Sharia. Islamic finance has also started to grow in international markets around the world, across the areas of corporate and retail banking. According to a recent report by the Islamic Financial Services Board (IFSB) issued in August 2021, the global Islamic Finance assets increased by 10.7 percent year-on-year totaling Saudi Riyals 10.1 trillion in 2020.

H.E. the Deputy Governor added, "Saudi Arabia has seen a rapid growth trajectory and influence of the Islamic finance industry over the past years and has strengthened its position as the world's largest market for Islamic finance, with total assets of approximately Saudi Riyals 3 trillion at the end of 2020, covering Islamic banking, sukuk, insurance and investment funds, accounting for more than 25 percent of the share of global Islamic finance assets." He added that, "In 2020, Saudi Arabia represented a share of about 28.5 percent of the total Islamic banking assets worldwide.  The Islamic finance industry continued to expand in the first half of 2021, as total assets grew 19.1 percent to Saudi Riyals 2.2 trillion as at the end of Q2 2021, compared with Saudi Riyals 1.9 trillion in the same period last year. This growth was mainly driven by Islamic deposits, which grew 12 percent to Saudi Riyals 1.6 trillion at the end of Q2 2021, compared with Saudi Riyals 1.5 trillion in the same period last year.  Moreover, other Islamic financial assets in the Kingdom have witnessed robust growth. For example, the sukuk market grew to reach Saudi Riyals 592.5 billion in issuances and the cooperative insurance sector grew to Saudi Riyals 37.5 billion by the end of 2020.