UAE - DIFC records 45% annual rise in Islamic assets
Wednesday, 10 16 2019, Category: Islamic Insurance, Country: U.A.E
Dubai International Financial Centre (DIFC), a leading international financial hub, has marked a significant rise in Islamic assets being managed in the Centre, recording a 45 per cent growth between the second quarter (Q2) of 2018 and Q2 2019.
Islamic finance is growing at 1.5 times the rate of traditional finance, and the Middle East, Africa and South Asia (MEASA) region continues to be a steady driver of this industry, fuelled by a number of jumbo sukuk issuances and almost $1 trillion in financial assets across GCC countries.
Dubai remains one of the world’s largest centres for Sukuk listings by value at $62 billion, with DIFC-based Nasdaq Dubai at $60 billion.
The DIFC continues to be a catalyst for growth in this sector, with more than 40 firms offering sharia-compliant products and services, using the Centre as a springboard to reach a Muslim population of over 600 million in the Middle East and Africa region alone.
The DIFC’s robust legal and regulatory environment, alongside its highly developed and dynamic financial ecosystem, has attracted major Islamic institutions such as Maybank Islamic Berhad to establish their regional headquarters in Dubai.
Arif Amiri, chief executive officer of DIFC Authority said: “The growth in the number of financial institutions with a sharia-compliant offering, alongside the rise of Islamic assets managed from the DIFC highlights the increasing demand for Islamic financial products in the region.