In 1991, National Commercial Bank, Saudi Arabia’s largest commercial bank, converted one of its conventional retail branches to become Sharia-compliant, essentially testing the market for Islamic financing. But by 2004 there was little doubt about the thirst for Sharia-compliant products in the conservative kingdom and the bank took the decision to transform all its 260 retail branches to Islamic financing.

The move, completed last year, highlights the tremendous demand for Islamic products in Saudi Arabia – to the extent that Sharia-compliant offerings now dominate the consumer banking market.