UAE: Dubai

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...

One of the most important issues currently facing the Middle East is the changing composition of its demographic structure. A massive cohort of young people – known as a youth bulge – is challenging policymakers, with youth policy affecting security, education, the labour market and welfare programmes, among other areas. Given the relative...

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...