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...
UAE: Dubai Financial Services
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Chapter | Islamic Financial Services from The Report: Dubai 2015
Dubai’s banking sector, which forms part of the wider UAE banking system, has continued to recover since the global financial crisis. Banking sector assets climbed 13.1% in 2013, from $487bn to $552.5bn, while deposits rose from $318bn to $348bn, a 9.5% advance, and capital adequacy ratios remained strong, at 18.3% overall. New regulations designed to protect financial institutions from...
In many respects 2014 marked the transition from strong recovery to promising growth for Dubai. With many exciting projects in the pipeline, not least the hosting of Expo 2020, the emirate is continuing to build on its reputation as a dynamic and international centre for business.
When the UAE officially transitioned from “frontier” to “emerging” on a key market index in June 2013, a new era of both greater opportunity and closer scrutiny for the financial markets in Dubai was ushered in. The results are already coming to the fore: stocks across the UAE are up 41% in 2014 and 89% over the last year as of June, while capital markets in Dubai are starting to draw more attention from foreign investors.
The emirate posted robust economic expansion across all sectors in 2013, and its resilience in the years following the global economic downturn has helped to re-build confidence among the global business community. Dubai has set itself the target of reaching 20m visitors per year by 2020 and the emirate received a major boost to this end when it won the right to host World Expo 2020 in November 2013.
Articles & Analysis | Round of restructuring: Moves are under way to consolidate the sector from The Report: Dubai 2014
In September 2013, the UAE’s federal insurance regulator called for consolidation in the industry, a move that was welcomed by the growing chorus of players that have warned that the market was becoming saturated over the past five years. Although the Insurance Authority (IA) placed a moratorium on new licences for insurers and brokers in 2009...