Islamic Financial Services
From The Report: Abu Dhabi 2015
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Demand-driven growth is expected to continue in the Islamic financial services sector, with sharia-compliant assets making up some 21.4% of the UAE’s banking system in 2013, up from 17% in 2012, and crossing the $100bn mark for the first time. Abu Dhabi’s takaful operators are playing their part in the growth of the UAE industry, which has seen the nation become the second-largest provider of takaful contributions in the GCC. Meanwhile, between January 1996 and September 2013, the UAE was the source of some 73 Islamic bond issuances for a total value of $47.9bn – placing it second only to Malaysia in terms of global sukuk activity. Overall, the growth of the UAE’s non-hydrocarbons sector, low interest rates and the firming up of real estate prices have resulted in a positive outlook for the nation’s banking sector, with Abu Dhabi’s sharia-compliant institutions well placed to capitalise on this anticipated expansion.

This chapter contains an interview with Tirad Al Mahmoud, CEO, Abu Dhabi Islamic Bank.