Islamic Financial Services
From The Report: Dubai 2016
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The financial services industry in Dubai is a major economic driver for the emirate, and the Islamic segment is no exception. In addition to the emirate’s Islamic banks and takaful (Islamic insurance) providers, since July 2015 it is also the largest centre for sukuk (Islamic bond) issuance in the world, with $36.7bn in sukuk listed on Dubai’s exchange. The drop in crude oil prices in 2015 may constrain growth, but Dubai is expected to continue adding breadth and depth to its sharia-compliant capital markets, and to carry on its leadership in boosting standards and governance. There is a renewed emphasis on Islamic financial services, as the emirate has ambitions to become the capital of the global Islamic economy, a goal set in 2013. Dubai now produces an annual “State of the Global Islamic Economy Report” and has implemented various initiatives, including new offerings and capacity-development programmes for Islamic financial services.

This chapter contains an interview with Adnan Chilwan, Group CEO, Dubai Islamic Bank (DIB).

Articles from this Chapter

Overview

Seeking stability: With the current volatility in global markets, Islamic instruments may be a safer haven for capital
OBG
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The financial services industry in Dubai is a major economic driver for the emirate, and the Islamic segment is no exception. In addition to the emirate’s Islamic banks and takaful (Islamic insurance) providers, since July 2015 it is also the largest centre for sukuk (Islamic bond) issuance in the world, with $36.7bn in sukuk listed on Dubai’s exchange. The drop in crude oil prices in 2015 may constrain growth, but Dubai is expected to continue adding breadth and depth to its sharia-compliant…

Interview

A more visible presence: OBG talks to Adnan Chilwan, Group CEO, Dubai Islamic Bank (DIB)
OBG
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Interview:Adnan Chilwan To what extent will a federal Sharia Board ease doing business for Islamic banks in the UAE? ADNAN CHILWAN: A federal Sharia Board is critical as an overseeing body. It will ensure alignment and adherence to sharia standards and will bring uniformity in the way Islamic banking is done today. Similar to other regulators such as the central bank, the board will help to introduce policies and regulations that are more oriented towards the workings of Islamic financial…

Analysis

Setting the standard: Consolidating oversight for sharia compliance is a key goal for federal authorities
OBG
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One of the major reforms expected in the Islamic financial services sector in Dubai is a new, federal-level sharia board. Approved in May 2016 by the UAE Cabinet, the authorities believe that it will improve services and governance, and carve a path towards standardisation in what is a young and fast-developing industry. As of mid-2016 progress was being made towards this goal, with leaders from the Central Bank of the UAE (CBU), the UAE Federation of Banks, the Dubai Islamic Economy Development…