Saudi Arabia can play a crucial role in developing Islamic finance since the largest Islamic banks are based in Gulf Cooperation Council countries, according to Ahmad Mohammed Al-Joghaiman, executive vice president and chief financial officer of Saudi Electricity Company.
Al-Joghaiman made his remarks yesterday at the first Islamic Finance News (IFN) forum. He said that with a population of around 27 million, the Kingdom’s economy is the largest in the GCC with GDP of SR 1.7 trillion at the end of 2010. He added the Saudi economy is strong despite major global economies suffering from the worst financial crisis in recent memory………………………………………..Full Article: Source