Saudi Arabian banknotes
Shariah-compliant finance contracts in Saudi Arabia rose by 13% year-on-year (YoY) to SAR 2.71 trillion in Q3 2025, according to data from the Saudi Central Bank (SAMA). 
Quarter on quarter (QoQ), Islamic finance contracts increased by 2%, or SAR 63.2 billion.
These agreements cover Murabaha, Tawarruq (securitization), finance leasing, Mudarabah and Musharaka, among others including credit cards and other Shariah-compliant financing instruments.
The table below indicates development in Shariah-compliant finance contracts in Saudi Arabia:
Shariah-Compliant Finance Contracts*
Period
Value (SAR bln)
YoY Change
Q1 2020
1299.8
+13%
Q2 2020
1346.3
+15%
Q3 2020
1402.0
+16%
Q4 2020
1461.9
+17%
Q1 2021
1542.1
+19%
Q2 2021
1612.5
+20%
Q3 2021
1665.8
+19%
Q4 2021
1724.3
+18%
Q1 2022
1790.9
+16%
Q2 2022
1871.7
+16%
Q3 2022
1942.4
+17%
Q4 2022
1976.5
+15%
Q1 2023
2032.0
+13%
Q2 2023
2079.2
+11%
Q3 2023
2145.9
+10%
Q4 2023
2181.7
+10%
Q1 2024
2245.1
+10%
Q2 2024
2302.6
+11%
Q3 2024
2387.7
+11%
Q4 2024
2471.6
+13%
Q1 2025
2586.4
+15%
Q2 2025
2646.1
+15%
Q3 2025
2709.3
+13%
*Data is updated periodically.
Murabaha and Tawarruq agreements accounted for 90% of total Shariah-compliantfinancing,as follows:
Breakdown of Shariah-Compliant Financing (SAR bln)**
Period
Murabaha
Tawarruq
Finance
Lease
Mudarabah
Musharaka
Others*
Total
Q1 2020
529.6
554.4
198.7
1.9
1.8
13.4
1299.8
Q2
554.6
566.9
208.7
1.5
1.5
13.1
1346.3
Q3
576.8
591.5
216.6
1.5
1.7
13.9
1402.0
Q4
609.2
600.9
227.1
1.6
1.8
21.3
1461.9
Q1 2021
658.6
616.9
241.9
1.7
1.9
21.0
1542.1
Q2
758.1
651.9
178.3
1.8
1.5
20.9
1612.5
Q3
796.2
660.9
179.2
1.8
1.4
26.3
1665.8
Q4
841.0
680.6
176.2
1.9
1.3
23.2
1724.3
Q1 2022
884.7
702.9
175.4
1.9
1.2
24.8
1790.9
Q2
928.1
735.2
175.5
2.0
1.1
29.8
1871.7
Q3
982.1
745.0
180.7
1.8
1.2
31.6
1942.4
Q4
1005.9
755.7
178.3
1.8
1.4
33.4
1976.5
Q1 2023
1031.5
779.8
184.9
1.7
1.4
32.7
2032.0
Q2
1049.6
804.6
189.0
1.7
1.6
32.9
2079.2
Q3
1082.3
830.0
195.8
1.5
1.7
34.5
2145.9
Q4
1097.1
846.7
198.1
1.7
1.9
36.3
2181.7
Q1 2024
1129.8
873.4
203.3
1.7
1.9
34.9
2245.1
Q2
1153.4
897.4
213.0
1.9
2.0
34.9
2302.6
Q3
1201.7
928.5
217.5
2.2
2.0
35.8
2387.7
Q4
1259.0
948.2
219.4
2.2
1.9
41.0
2471.6
Q1 2025
1323.1
1004.3
216.4
2.0
1.8
38.7
2586.4
Q2 2025
1359.2
1025.1
218.1
1.9
2.0
39.7
2646.1
Q3 2025
1373.9
1058.0
229.8
2.3
2.0
43.3
2709.3
*Includes credit cards and other Shariah-compliant financing instruments.
Saudi Arabian banknotes
Shariah-compliant finance contracts in Saudi Arabia rose by 13% year-on-year (YoY) to SAR 2.71 trillion in Q3 2025, according to data from the Saudi Central Bank (SAMA).
Quarter on quarter (QoQ), Islamic finance contracts increased by 2%, or SAR 63.2 billion.
These agreements cover Murabaha, Tawarruq (securitization), finance leasing, Mudarabah and Musharaka, among others including credit cards and other Shariah-compliant financing instruments.
The table below indicates development in Shariah-compliant finance contracts in Saudi Arabia:
Shariah-Compliant Finance Contracts*
Period
Value (SAR bln)
YoY Change
Q1 2020
1299.8
+13%
Q2 2020
1346.3
+15%
Q3 2020
1402.0
+16%
Q4 2020
1461.9
+17%
Q1 2021
1542.1
+19%
Q2 2021
1612.5
+20%
Q3 2021
1665.8
+19%
Q4 2021
1724.3
+18%
Q1 2022
1790.9
+16%
Q2 2022
1871.7
+16%
Q3 2022
1942.4
+17%
Q4 2022
1976.5
+15%
Q1 2023
2032.0
+13%
Q2 2023
2079.2
+11%
Q3 2023
2145.9
+10%
Q4 2023
2181.7
+10%
Q1 2024
2245.1
+10%
Q2 2024
2302.6
+11%
Q3 2024
2387.7
+11%
Q4 2024
2471.6
+13%
Q1 2025
2586.4
+15%
Q2 2025
2646.1
+15%
Q3 2025
2709.3
+13%
*Data is updated periodically.
Murabaha and Tawarruq agreements accounted for 90% of total Shariah-compliantfinancing,as follows:
Breakdown of Shariah-Compliant Financing (SAR bln)**
Period
Murabaha
Tawarruq
Finance
Lease
Mudarabah
Musharaka
Others*
Total
Q1 2020
529.6
554.4
198.7
1.9
1.8
13.4
1299.8
Q2
554.6
566.9
208.7
1.5
1.5
13.1
1346.3
Q3
576.8
591.5
216.6
1.5
1.7
13.9
1402.0
Q4
609.2
600.9
227.1
1.6
1.8
21.3
1461.9
Q1 2021
658.6
616.9
241.9
1.7
1.9
21.0
1542.1
Q2
758.1
651.9
178.3
1.8
1.5
20.9
1612.5
Q3
796.2
660.9
179.2
1.8
1.4
26.3
1665.8
Q4
841.0
680.6
176.2
1.9
1.3
23.2
1724.3
Q1 2022
884.7
702.9
175.4
1.9
1.2
24.8
1790.9
Q2
928.1
735.2
175.5
2.0
1.1
29.8
1871.7
Q3
982.1
745.0
180.7
1.8
1.2
31.6
1942.4
Q4
1005.9
755.7
178.3
1.8
1.4
33.4
1976.5
Q1 2023
1031.5
779.8
184.9
1.7
1.4
32.7
2032.0
Q2
1049.6
804.6
189.0
1.7
1.6
32.9
2079.2
Q3
1082.3
830.0
195.8
1.5
1.7
34.5
2145.9
Q4
1097.1
846.7
198.1
1.7
1.9
36.3
2181.7
Q1 2024
1129.8
873.4
203.3
1.7
1.9
34.9
2245.1
Q2
1153.4
897.4
213.0
1.9
2.0
34.9
2302.6
Q3
1201.7
928.5
217.5
2.2
2.0
35.8
2387.7
Q4
1259.0
948.2
219.4
2.2
1.9
41.0
2471.6
Q1 2025
1323.1
1004.3
216.4
2.0
1.8
38.7
2586.4
Q2 2025
1359.2
1025.1
218.1
1.9
2.0
39.7
2646.1
Q3 2025
1373.9
1058.0
229.8
2.3
2.0
43.3
2709.3
*Includes credit cards and other Shariah-compliant financing instruments.
