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...
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...
The emirate’s banks have always considered lending as a primary activity thanks to a prudent strategy that has discouraged them from chasing less-proven and riskier alternatives. This policy paid off during the global financial crisis, as there were scant direct exposures to the toxic derivatives that sank some of the world’s biggest lenders...
One sign of enduring strength in Dubai’s credit markets is that multiple obstacles have not hindered growth. This includes external factors, such as lower oil prices and a recent history of credit struggles. In the past year, another challenge to lending growth has been Al Etihad Credit Bureau. While in the long term this new actor is expected...
Insurance penetration in Dubai is very low and the potential for growth is immense, making the sector competitive and highly oriented toward future expansion. However, the current operating environment is challenging, with companies competing on price to capture market share, scale up customer bases and boost profits.
The highlight of recent years for the insurance sector has been the long-awaited arrival of new regulations that promise a broad overhaul of several key areas of the sector: auditing, the calculation of technical provisions, governance, asset valuation, increased policyholder rights, and solvency and provisioning regulations. Those elements...
Stay updated on how some of the world’s most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues.
Register now and also receive a complimentary 2-month licence to the OBG Research Terminal.
Register Here×