Islamic Financial Services
From The Report: Abu Dhabi 2016
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After a robust performance in 2015, the sector has entered 2016 ready to weather the economic challenges presented by a subdued oil price and is well positioned to pursue growth where opportunities arise in the coming years. With total assets estimated at $127bn in 2014, the UAE has one of the largest sharia-compliant banking sectors in the world – the third largest after Saudi Arabia and Malaysia. Beyond the dedicated Islamic banks, the majority of the UAE’s 23 licensed lenders and many of the 26 foreign banks in the country operate sharia windows. Moving forward, Islamic lenders can expect to benefit from domestic economic activity, including the projects attached to Dubai Expo 2020 and the opening up of Iran to increased trade and investment activity. This chapter contains an interview with Tirad Al Mahmoud, CEO, Abu Dhabi Islamic Bank.