Islamic Financial Services
From The Report: Dubai 2015
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Islamic finance is a highly competitive market in Dubai and the emirate is angling to become a leading centre for the sector. The UAE’s Islamic banks hold about 7% of global Islamic banking assets and have a market share of roughly 25% locally. The takaful segment has grown steadily since 2009 and this trend looks set to continue: total takaful contributions reached $1.16bn in 2013, up from $1.03bn in 2012. The UAE has been the world’s second-largest issuer of sukuk behind Malaysia, with $47.88bn issued between 1996 and 2013. Dubai has taken on a leadership role in shaping the future of sukuk as a financial instrument. In 2014 the emirate sponsored discussions and roundtables, with an eye to ultimately establishing a globally integrated sukuk market with harmonised structures that are less risky and easier for investors to understand.

This chapter contains an interview with Adnan Chilwan, CEO, Dubai Islamic Bank.

Articles from this Chapter

Overview

Dubai working to broaden the market for sharia-compliant products
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Dubai is growing as a financial centre that attracts investment and expertise from all points. Its Islamic banks are central to this economic narrative, as is the emirate’s participation in the international market for sukuks, a sharia-compliant alternative to bonds. Islamic finance has become a highly competitive market in Dubai and the emirate is angling to become a centre for sector studies and market development. Its banks look to improve their ability to thrive in an increasingly mature landscape,…

Interview

Adnan Chilwan, CEO, Dubai Islamic Bank: Interview
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Interview:Adnan Chilwan How will the unification of economic programmes under the Dubai Islamic Economy Development Centre (DIEDC) affect local Islamic banks? ADNAN CHILWAN: There are a total of 47 initiatives within the seven pillars upon which Dubai’s Islamic economy strategy is based, many geared towards financial services. Further progress on these initiatives will create many new opportunities for Islamic banks. Although some initiatives had started prior to the formation of the DIEDC,…

Analysis

Setting the standard: Establishing clearer criteria for sukuk
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The year 2014 was an important one for the development of sukuk in Dubai, thanks to a series of sovereign sales from non-Muslim countries that have diversified sources, as well as proved the presence of global interest in this relatively young financial instrument. Sukuk are at the core of Dubai's economic strategy, both as a method of raising capital and as a centre for trading. The emirate is likely to continue as a major source of issuance, in particular from the government-related entities (GREs)…