Another important development has been the rapid growth in the provision of Islamic Shariah compliant services to cater to the increasing demand by customers for such services. All Saudi banks offer a range of Islamic products including Murabaha, Mudaraba, Musharaka, Baie Ajel, etc. The significant growth, diversification and profitability of the Saudi banking system has been underpinned by a strong and and advanced regulatory system. Over the past two decades SAMA has introduced many modern supervisory standards compliant with international standards including risk based capital adequacy, liquidity, large exposures, risk management and others. In the past two years alone, SAMA has developed regulations relating to market risk, loan classification and provisioning, controls of consumer lending and updated the requirements for appointment in senior posts of banks. On the corporate governance front there is a heightened awareness in the world with standards emanating from OECD, Basle Committee and others. SAMA has been since the early 1980s inculcating these concepts in the Saudi Banks. In 1981, it issued a guidance document to the Directors of Saudi Banks defining the general framework of their roles and responsibilities. This was followed by regulations on Internal Controls in 1989, Prevention of Fraud (1994), Prevention of Money Laundering (1995) and the Role of the Audit Committee (1996). Furthermore, SAMA has promoted proper accounting standards to be followed by the Saudi banks in order to ensure more transparency in their financial statements. Saudi Arabia was among the first countries in 1992 to adopt the International Financial Reporting Standards by the Banking Industry.

The first session will address the challenges of digitization and how we can measure its impact on the economy. We will review how the international statistical community has had to adapt to new sources of information to develop indicators that account for the impact of this new age. Also, during the first session, we will analyze the implications of digitalization and the use of electronic invoicing data in Chile to support the activities of central banks, mainly in the fields of monetary policy, economic analysis and financial stability. Finally, we will learn about the estimation of the contribution of the digital economy to the GDP of the US. The second session will address how the globalization of production has imposed demands for greater generation of statistics that provide information on interdependence between countries. We will learn about the experience of Mexico and the US in the development of new national accounts statistics. Page 3 of 4  Central Bank of Chile October 2019  In the third session, we will see how digitalization provides us with an opportunity to integrate databases of different sources and sizes, becoming a valuable tool for the design and development of economic and financial indicators. Finally, in the last panel, we will try to find answers to questions like: What is the role of the digital economy in the decline of productivity estimates? How are we capturing the contribution of digital platforms in the labor market? And how would current statistics and macroeconomic measurements be affected? among others.