Islamic Financial Services
From The Report: Dubai 2019
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Throughout 2018 Dubai continued working towards the goal of establishing itself as the global capital of the Islamic economy. Financial services are a core aspect of that project, and the emirate has taken a leading role in hosting Islamic financial services companies. Its government and government-related entities were early sellers of sukuk (Islamic bonds), and the industry has become one of the world’s most active in takaful (Islamic insurance). Dubai’s market is a two-track one; its onshore oper¬ations are complemented by an offshore element operated by the Dubai International Financial Centre. The free zone is emerging as a global hub for secondary market trading of sukuk, sharia-compliant, risk-management tools and insurance syndicates, and soon its first offshore Islamic bank. This chapter contains an interview with Adnan Chilwan, Group CEO, Dubai Islamic Bank.

Articles from this Chapter

Overview

Raising the bar: Officials take steps to standardise sharia-compliant products
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Throughout 2018 Dubai continued to strengthen its status as a global capital of the Islamic economy, with the last five years seeing the emirate emerge as a hub for sharia-compliant offerings and innovation in the commercial sphere. Financial services are a core aspect of that project, and the emirate has taken a leading role in hosting Islamic financial services (IFS) companies. Its government and government-related entities (GREs) were early sellers of sukuk (Islamic bonds), and the industry…

Interview

Interest growth: Adnan Chilwan, Group CEO, Dubai Islamic Bank, on the future of Islamic banking at home and abroad
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Interview:Adnan Chilwan How will the consolidation of the financial services sector affect operating costs for Islamic banks? ADNAN CHILWAN: Given that more than 50 banks are operating in the UAE, and given the current financial landscape, consolidation makes complete sense. That said, I do not foresee the competitive landscape in the sector changing dramatically as a result. As long as there are clear synergies and greater efficiencies, these changes will simply make the market more robust.…