Islamic Financial Services
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 $1.03bn in 2012. The UAE has been the world’s second-largest issuer of sukuk behind Malaysia, with $47.88bn issued between 1996 and 2013. Dubai has taken on a leadership role in shaping the future of sukuk as a financial instrument. In 2014 the emirate sponsored discussions and roundtables, with an eye to ultimately establishing a globally integrated sukuk market with harmonised structures that are less risky and easier for investors to understand.
This chapter contains an interview with Adnan Chilwan, CEO, Dubai Islamic Bank.
