Islamic Financial Services
Long a key participant in the global Islamic finance arena, Saudi Arabia secured its position in 2013 by becoming the largest issuer of sukuks (Islamic bonds) in the region for the second year in a row. The outlook for sukuks is positive, as the short-term nature of most bank lending in the Kingdom (with around 60% of all loans having maturities of less than one year) makes them an attractive alternative for some issuers. Saudi Arabia is also home to a diverse market for sharia-compliant banking products and services, and there are currently four commercial Islamic banks active locally.
