Islamic Financial Services

Throughout 2018 Dubai continued working towards the goal of establishing itself as the global capital of the Islamic economy. Financial services are a core aspect of that project, and the emirate has taken a leading role in hosting Islamic financial services companies. Its government and government-related entities were early sellers of sukuk (Islamic bonds), and the industry has become one of the world’s most active in takaful (Islamic insurance). Dubai’s market is a two-track one; its onshore oper¬ations are complemented by an offshore element operated by the Dubai International Financial Centre. The free zone is emerging as a global hub for secondary market trading of sukuk, sharia-compliant, risk-management tools and insurance syndicates, and soon its first offshore Islamic bank. This chapter contains an interview with Adnan Chilwan, Group CEO, Dubai Islamic Bank.