Home mortgage provider Saudi Real Estate Refinance Company (SRC) will further strengthen Saudi Arabia’s position as the largest Islamic finance market globally as it expands its balance sheet and becomes a more significant issuer in the sukuk market, Moody’s Investors Service said in a report.

The Public Investment Fund (PIF)-backed SRC will likely fund some of that future growth through securitisations and covered bonds, having relied largely on Shariah-compliant wholesale funding and government backing to date.