Islamic Financial Services
From The Report: Abu Dhabi 2020
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As one of the UAE’s two major financial centres, Abu Dhabi has played a prominent role in the development of the nation’s Islamic financial services (IFS) sector. In January 2020 Islamic banks accounted for about 18% of total banking sector assets in the country, according to the Central Bank of the UAE. In the local capital markets, sovereign and corporate sukuk (Islamic bonds) issuances comprise the bulk of the Islamic offerings, while in the insurance sector takaful (Islamic insurance) companies operate as either standalone entities or as part of larger, conventional banks. Abu Dhabi’s local IFS market features an onshore component, populated by companies transacting directly with the domestic market, and an offshore component, operating within the jurisdiction of the Abu Dhabi Global Market (ADGM), the emirate’s financial free zone that opened in late October 2015. ADGM was home to more than 100 financial service companies as of early 2020.