THE CURRENT STATE OF THE BANKING SYSTEM OF SAUDI ARABIA

This scientific publication analyzes the current state of the banking system of the Kingdom of Saudi Arabia. The peculiarities of the functioning of the Islamic banking system, the main types of financial products provided by banks and the laws under which financial services are provided to Muslims are identified. The basic principles of Islamic banking, which are prescribed in the Sharia, are described, such as, for example, the exclusion of interest on all financial transactions. There is also a list of major Saudi banks and foreign affiliates operating in the country. The historical aspect of the formation of the banking sector is studied. The main financial indicators are analyzed: the dynamics of assets, liabilities, the number of loans to private and corporate clients, the share of Saudi assets in global Islamic finance. Attention is also paid to the prospects and success of the stock market. The issue of management and control over the activities of banks and its role are studied. a list of specialized credit institutions established by the government to provide highly specialized loans to citizens of the kingdom. The positive dynamics of all indicators even in the conditions of global crises, thanks to the well-laid foundation and the further strategy concerning functioning in the conditions of the world pandemic are allocated. The list of the main internal problems which can suspend growth in the future is considered. The issue of the country's dependence on oil prices, with further impact on financial diversification, is considered separately. The prospects of the banking system of Saudi Arabia in the near future, and the role of the Kingdom as a partner in financial relations for the domestic economy are determined. Conclusions are made on the basis of the conducted research and prospects of further strategic development in this direction.