Islamic Financial Services

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 listed on Dubai’s exchange. The drop in crude oil prices in 2015 may constrain growth, but Dubai is expected to continue adding breadth and depth to its sharia-compliant capital markets, and to carry on its leadership in boosting standards and governance. There is a renewed emphasis on Islamic financial services, as the emirate has ambitions to become the capital of the global Islamic economy, a goal set in 2013. Dubai now produces an annual “State of the Global Islamic Economy Report” and has implemented various initiatives, including new offerings and capacity-development programmes for Islamic financial services.

This chapter contains an interview with Adnan Chilwan, Group CEO, Dubai Islamic Bank (DIB).