So no, they most definitely can have their cake and eat it, and have done so for over two decades.
They also turn a blind eye to plenty of other things that go against conservative islamic values: alcohol is served onboard, gay flight attendants are employed, etc. So it’s surprising to me that they aren’t a bit more tolerant here.
It may be confusing to others but it's ultimately your choice.
The issue is those liquid assets are US Treasuries and US public market equities (mag7 etc.).
They don't really want to sell them, and they also know that the US really doesn't want them to sell them - the last thing Trump wants heading into the midterms is an S&P500 bear market and 10y treasuries heading back to 5+%.
So they ask for a swap line and they're negotiating from a position of strength, the US doesn't have much of a choice but to give them as much as they need and damn the consequences