KARACHI: The State Bank of Pakistan (SBP) has won the Best Central Bank of 2021 award for promoting Islamic finance, a statement said. The Islamic Finance News (IFN), an arm of RED money Group, Malaysia, announced the SBP as the best central bank of 2021 across the world in promoting Islamic finance. The results of … Read more
RIYADH: Saudi fintech, Thiqah, a business services company, and Emdha, an IT firm, have signed 2 initial agreements, to empower small and medium-sized fintech companies in the kingdom, through reducing the cost of services, Arab News quoted a tweet, as saying. The agreements were signed under the patronage of the Digital Government Authority and Saudi central bank. … Read more
RIYADH: The Saudi Central Bank has issued the IT governance framework to streamline functions of financial institutions operating in the kingdom, the Saudi Press Agency reported. The framework will also be applicable to lending institutions, Saudi Payments and credit information companies. It is part of SAMA’s responsibilities to effectively identify and address potential IT risks and threats. … Read more
RIYADH: Saudi Arabia issued licenses to 16 fintech companies in the third quarter of 2021, Sabq quoted Saudi Central Bank governor, as saying at an event. Fahad Almubarak said 13 of those companies work in the field of payments and electronic wallets, and three firms are engaged in insurance and finance sector. Saudi Arabia witnessed a 37 … Read more
CAIRO: Net foreign assets held by the Saudi Central Bank went down by a monthly rate of 3.3 per cent to reach SR1.63 trillion ($433 billion) in October, Arab News quoted newly released data by SAMA. The central bank’s net foreign assets declined by 2 per cent compared to last year’s October. Commercial banks’ net foreign assets … Read more
RIYADH: The M3 monetary aggregate, known as “broad money”, posted an annual growth rate of 7.9 per cent in October, having decelerated slightly from the September value of 8.4 per cent, Arab News quoted the data published by the Saudi Central Bank. On a monthly basis, the M3 indicator grew SR10.6 billion ($2.8 billion) in October, or … Read more
RIYADH: The value of point-of-sale transactions in Saudi Arabia reached SR40.5 billion ($10.8 billion) in October, up 1.2 per cent, compared with the previous month, Arab News quoted the Saudi Central Bank, as saying. Some of the sectors that helped drive the increase were restaurants and cafes, hotels, food and beverages, clothing and footwear. For … Read more
CAIRO: The Saudi Central Bank (SAMA) predicts that the annual inflation rate in the kingdom will rise slightly in the fourth quarter of this year, Arab News quoted its latest inflation report. SAMA cited jumps in global inflation levels and a strengthening of domestic demand as contributors to the rise in consumer prices. On a … Read more
RIYADH/JEDDAH/DUBAI: Assets held by the Saudi Central Bank saw an increase of SR23.5 billion ($6.2 billion) month-on-month to SR1.872 trillion in August 2021, according to the data released by the Saudi Central Bank. Compared to August 2020, SAMA’s assets grew by SR35.9 billion ($9.5 billion). The central bank recorded a drop in bills and repurchase … Read more
RIYADH: Saudi Arabia’s e-payment transactions increased by 75 per cent in 2020 due to Covid-19 outbreaks, the Saudi Press Agency reported on Thursday. Fintech Saudi’s National Fintech (financial services technology) Adoption Survey Results Report 2021 also revealed a reduction in cash withdrawals through ATM machines by 30 per cent in the same period. One of … Read more
A report released by Saudi Central Bank (SAMA), states that the country’s total overseas reserves increased by 2.3% in November 2020, reaching 1.71 trillion riyals. According to the report released by the central bank, Saudi Arabia’s overseas reserves increased by 38.7 billion riyals in November compared to October this year. Report further stated that the … Read more
