Dubai International Financial Centre's growth comes as emirate remains one of the world's largest centres for sukuk listings
Dubai International Financial Centre (DIFC), the top financial hub in the Middle East, Africa and South Asia (MEASA) region, has announced a significant rise in Islamic assets, up 45 percent over the past year.
DIFC, which was recently named in the top 10 of global financial centres, said Islamic finance is growing at 1.5 times the rate of traditional finance, and the MEASA continues to be a steady driver of this industry, fueled by a number of major sukuk issuances and almost $1 trillion in financial assets across GCC countries.
Dubai remains one of the world’s largest centres for sukuk listings by value at $62 billion, with DIFC-based Nasdaq Dubai at $60 billion.
DIFC said it continues to be a catalyst for growth with more than 40 firms offering sharia-compliant products and services, using the centre as a springboard to reach a Muslim population of over 600 million in the Middle East and Africa region alone.
It added that DIFC’s robust legal and regulatory environment has attracted major Islamic institutions such as Maybank Islamic Berhad to establish its regional headquarters in Dubai.
Arif Amiri, CEO of DIFC Authority said: “The growth in the number of financial institutions with a sharia-compliant offering, alongside the rise of Islamic assets managed from the DIFC highlights the increasing demand for Islamic financial products in the region.
"Aligned with the vision of Dubai’s leadership to establish the city as the capital for Islamic Economy, we are committed to continuously enhancing our world-class business environment to support the growth of sharia transactions here in the centre.”
He said DIFC has also become the preferred home for emerging Islamic FinTech firms, contributing to the UAE’s position as the fourth largest Islamic FinTech hub in the world.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.