Fitch ranks Saudi banking system 4th globally

MAKKAH — The international rating agency "Fitch" ranked Saudi banking system fourth-best and the strongest banking system in the world, after Australia, Canada and Singapore, said Governor of the Saudi Arabian Monetary Agency Dr. Fahd Al-Mubarak. In a speech during the Islamic Banking and Finance Conference organized by Makkah-based Umm Al Qura University, he said that financial activity compatible with the provisions of Islamic law is witnessing a remarkable growth at the international level, with an average ratio estimated at 17% per annum. This has resulted in the achievement of its financial assets except for the last five years where it stood at about $1.3 trillion, mostly in Middle East countries.