Saudi Arabia identified as one of the most developed Islamic finance countries
According to Thomson Reuters' Islamic Finance Development Indicator (IFDI), Saudi Arabia has the second largest Islamic finance sector, after Malaysia, with Islamic finance assets in excess of $270 billion in 2012. Saudi Arabia was also in the top ten countries for educational infrastructure. Moreover, the kingdom performed well in terms of awareness and Sharia governance. However, it did not fare as well in terms of governance. Saudi Arabia has yet to introduce dedicated regulations for Islamic finance institutions and continues to score poorly in terms of financial disclosures compared to its peers. The IFDI was developed in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD) and will be officially launched at the Global Islamic Economy Summit.
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