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Islamic finance mainstream, says Tamweel

Islamic finance in the Gulf region has become a mainstream industry, the chief executive of UAE mortgage lender Tamweel said yesterday.

Speaking during a panel discussion at the World Economic Forum in Jordan, Adel Al Shirawi claimed Islamic finance now made up 17% of total lending in the region.
“Islamic finance is now truly mainstream,” he said. “Here in the Middle East and across the world, the outlook for Islamic finance has never been brighter.”

Al Shirawi went on to say that globally the sector had experienced growth of 10% over the past decade, and demand for Shariah-compliant financial services was increasing at both the retail and institutional level.

“Islamic finance is a nascent industry, launched in its modern form in the mid-1970s. But its rise has been truly meteoric. From just one in 1975, there are now more than 300 Shariah-compliant financial services firms, and assets in the sector now stand in excess of $500 billion,” he added.

Earlier this month, Tamweel reported first quarter income from Islamic finance and investing assets rose 90% year-on-year to 45.84 million dirhams ($12.48 million). Total assets were up 94% to 3 billion dirhams ($816.9 million).

The company said it planned to sell Islamic bonds, sukuk, worth $800 million, including $300 million that could be converted into shares of the company, in order to finance regional expansion.

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