Saudi Arabia to host the largest gathering to discuss Islamic finance and digital transformation
The entry of liquidity in the stock market supports the test of the general index above 11,300 points
Wednesday – 23 Muharram 1443 AH – 01 September 2021 AD Issue No. [
Saudi stocks are touching record point advances in the general index movement (Reuters)
Riyadh: «Middle East»
Yesterday, the Council said that the activities of the 15th Summit for Islamic Financial Services, which will be held next November in Saudi Arabia in Jeddah, under the slogan “Islamic Finance and Digital Transformation… Balancing Innovation and Flexibility”; It will discuss ways to enhance innovation in the Islamic financial system, benefit from its services, adopt technology and ensure sustainability; In order to drive growth and realize development opportunities within this sector.
The Islamic Financial Services Board stated, in a statement, that during this summit, the political implications arising from the rapid digital transformation will be reviewed, in addition to highlighting the efforts required to be made in the future. To enhance flexibility and achieve stability in the field of Islamic finance services, in addition to discussing several topics, foremost of which is; Digital transformation in Islamic financial services, encrypted assets and their implications for Islamic finance, financial technology and Islamic financial services, achieving synergies between Islamic digital finance and sustainability, as well as the effective use of technology in supervisory and regulatory activities by the authorities.
The Council pointed out that the boom that the technology has begun to witness has drawn the features of the financial sectors, especially the banking sector, capital markets, and Takaful insurance, after the emergence of new patterns of financing and financial intermediation mechanisms, such as participatory financing solutions and blockchain technologies. This remained, and as a result of these rapid changes and developments; It has become imperative for countries and authorities to find alternative solutions to strike a balance between flexibility and innovation.
For his part, the Governor of SAMA, Dr. Fahd Al Mubarak, said that the Kingdom hosts the largest Islamic finance market in the Middle East and North Africa and among the G20 countries, pointing to continuing efforts towards keeping pace with developments and transformations in the digital age and achieving growth and development.
On the other hand, the main Saudi stock market returned to cross the barrier of 11,300 pivotal points to determine the level of point progress and overcome the moral barriers achieved before 2008, supported by the entry of 8 billion riyals ($ 2.1 billion) in cash flow. The main Saudi stock index closed yesterday, up 64.19 points, to close at 11319.24 points. The number of traded shares reached more than 224 million shares, shared by more than 319,000 deals.
On the other hand, the Saudi parallel stock index (Nomu) closed yesterday at 183.65 points, to close at 24453.95 points, with transactions amounting to 16 million riyals, and the number of traded shares reached 173 thousand shares, shared by 1044 deals.
In addition, the Capital Market Authority disclosed that the seizure and inference actions resulted in a number of people committing violations related to disclosing internal information for companies listed on the Saudi Stock Exchange, and among these persons are those who work in companies listed in the market.
And she said, in a statement, yesterday, that she had monitored, through follow-up procedures, the presence of a group on a social media program that includes more than 250 members, through which internal information is disclosed to companies listed on the Saudi Stock Exchange before it is systematically announced by those companies on the site. The Saudi Tadawul Group.
According to the authority, inside information included advertisements related to “a company contracting with another company to provide cooperative health insurance services,” “positive financial results for a company,” and “increasing capital and distributing cash dividends to shareholders.”