2021 Q3 Report En · Page 5

 
5  | 
Financial Sector Development Highlights 
The Saudi Central Bank Launches Islamic Finance 
Research Translation Program 
The Saudi Central Bank (SAMA) announced the launching 
of the Islamic Finance Research Translation Program to 
support, advance and benefit from scientific research in 
Saudi Arabia and abroad. SAMA has emphasized that the 
program will enhance Saudi Arabia's leading role in the 
Islamic finance sector globally and will confirm SAMA's 
continuous 
effort 
and 
determination 
to 
achieve 
integration in the research system as part of its social 
responsibility obligations and pivotal role in the field. 
Additionally, the program will contribute to fulfilling the 
objectives of Vision 2030, which will improve Saudi 
Arabia's knowledge position. The program covers a 
number of research areas, including Islamic finance, 
Islamic 
banking, 
Islamic 
insurance, 
banking 
risk 
management, financial technologies (FinTech) in Islamic 
finance sector, Sharia governance, and other areas 
related to Islamic finance sector. 
The Saudi Central Bank Launches Islamic Finance 
Research Support Program 
The Saudi Central Bank (SAMA) announces the launching 
of the Islamic Finance Research Support Program to 
support researchers in Saudi Arabia and abroad, and to 
advance and benefit from scientific research. SAMA has 
emphasized that the program will enhance Saudi Arabia's 
leading role in the Islamic finance sector globally and will 
confirm SAMA's continuous effort and determination to 
achieve integration in the research system as part of its 
social responsibility obligations and pivotal role in the 
field. Additionally, the program will contribute to 
fulfilling the objectives of Vision 2030, which improve 
Saudi Arabia's knowledge position. On the other hand, the 
program will give researchers the opportunity to develop 
and make scientific solutions and contributions to 
advance the qualitative development of Islamic finance. 
The Governor of the Central Bank Thanks the 
Leadership for Approving the Amendment of Some 
Articles of the Cooperative Insurance Companies 
Control Law 
Dr. Fahad bin Abdullah Al-Mubarak, governor of the Saudi 
Central Bank, speaking for himself and on behalf of 
SAMA's employees, expressed deepest and sincerest 
gratitude to the Custodian of the Two Holy Mosques, King 
Salman bin Abdulaziz Al Saud, and His Royal Highness 
Prince Mohammed bin Salman bin Abdulaziz, Crown 
Prince and Deputy Premier and Minister of Defense, for 
the cabinet approval to the amendment  of some Articles 
of the Cooperative Insurance Companies Control Law, 
under Royal Decree No A/32 dated 02/06/1424H. H.E Al-
Mubarak stated that this approval came as part of 
relentless efforts towards ensuring the sustainability and 
stability of the financial sector, enhancing the financial 
status of insurance firms, and improving oversight and 
control within the insurance sector. These amendments 
shall strengthen the Central Bank's ability to preserve the 
rights of policyholders, beneficiaries and investors. 
SAMA Launches "Malee" App to Promote Awareness and
Financial Empowerment of Children 
The Saudi Central Bank (SAMA) launched 'Malee' App – a
unique educational tool aimed at spreading financial 
literacy and awareness as well as financial empowerment 
among children, thereby building a financially educated 
generation that understands the importance of money 
and the need to preserve it. Malee App is dedicated to 
children