Saudi Arabia's cooperative insurance sector fastest-growing globally: SAMA Governor

Ayman Al-Sayari, Governor of the Saudi Central Bank (SAMA)

Ayman Al-Sayari, Governor of the Saudi Central Bank (SAMA) and Chairman of the Islamic Financial Services Board (IFSB), said the global Islamic finance sector witnessed accelerated growth, with its assets exceeding SAR 11.2 trillion, representing average growth of 9.6% over the last three years.

"Saudi Arabia is the largest sovereign sukuk issuer in the world and its cooperative insurance sector is the fastest growing worldwide, with a growth rate approaching 27% in 2022," Al-Sayari said during a celebration to mark the 20th anniversary of the founding of the IFSB.

He added that the Islamic banking sector constitutes nearly 33% of the Islamic banks' assets worldwide. 

The IFSB's annual meetings, hosted by SAMA from Aug. 14-16, were held in Riyadh to discuss developments in the Islamic finance sector and boost the resiliency and stability of the Islamic financial services industry.