Islamic Financial Services
From The Report: Dubai 2014
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The Islamic financial services (IFS) industry has grown increasingly popular in recent years, with worldwide assets totalling $1.8trn in 2012 and forecast to top $2trn by the end of 2014. Having already established a reputation as a leading regional financial centre with abundant liquidity, Dubai has emerged as a major beneficiary of the IFS growth story. Sharia-compliant project financing, asset management and pension products are other segments poised for growth in the coming years. To realise the full extent of this potential, developing a solid regulatory framework and pursuing harmonisation of sharia-compliance standards at the national, bilateral and global levels will be key for Dubai.

This chapter contains a roundtable with Adnan Chilwan, CEO, Dubai Islamic Bank; Jamal Saeed bin Ghalaita, CEO, Emirates Islamic; and Hussain Al Qemzi, CEO, Noor Bank.

Articles from this Chapter

Overview

In demand: Rapid growth in the sector outpaces that of its conventional counterpart
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Over the past decade, the Islamic financial services (IFS) industry has grown 50% faster than the conventional financial sector. Worldwide IFS assets totalled $1.8trn in 2012, according to Ernst & Young’s (EY) “World Islamic Banking Competitiveness Report 2012-13”. By the end of 2014, IFS assets are projected to top the $2trn mark, and demand for sharia-compliant banking, investment and liquidity management tools in the predominately Muslim region is expected to continue to grow. Having…

Interview

Expanding access: OBG talks to Adnan Chilwan, CEO, Dubai Islamic Bank; Jamal Saeed bin Ghalaita, CEO, Emirates Islamic; and Hussain Al Qemzi, CEO, Noor Bank
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Interview:Adnan Chilwan How strongly held is the view in the industry that trade finance remains a largely untapped sector? ADNAN CHILWAN: If you look at statistics such as the contribution to global trade volumes of Organisation of Islamic Cooperation (OIC) countries, trade originating from the 57 member countries makes up 11% of the total, though only 10% of that share is conducted under Islamic principles. Considering that inter-OIC trade is only 18% of their total trade, and there is…

Analysis

Growth strategies: Creating uniform standards and educating experts are top priorities
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In January 2013, Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, announced an initiative to turn Dubai into the “global capital of the Islamic economy”. The six-pillar strategy calls for the development of the halal food and tourism industries, as well as the expansion of the Islamic financial services (IFS) sector, and small and medium-sized enterprises in related fields. Sheikh Mohammed also pledged to create a legal centre to resolve disputes over Islamic contracts and appoint an independent…