The global financial centre supports over 40 firms that provide Shari’ah-compliant products and services in reaching a Muslim population of over 600 million in the MENA region alone.
Thursday 17, October 2019 BY KUDAKWASHE MUZORIWA
The Dubai International Financial Centre (DIFC) announced that it has recorded solid growth of 45 per cent increase in Islamic assets being managed in the financial hub between Q2 2018 and Q2 2019.
Arif Amiri, the Chief Executive Officer of DIFC Authority, said, “The growth in the number of financial institutions with a Shari'ah-compliant offering, alongside the rise of Islamic assets managed from the DIFC highlights the increasing demand for Islamic financial products in the region.”
DIFC stated that Islamic finance is growing at 1.5 times the rate of traditional finance and the MEASA region continues to be a steady driver of this industry owing to several jumbo 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, added DIFC.
The DIFC’s robust legal and regulatory environment, as well as its developed and dynamic financial ecosystem, attracts major Islamic institutions such as Maybank Islamic to establish their regional headquarters in Dubai.
Additionally, the financial centre 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.
The 31 participants chosen for DIFC FinTech Hive accelerator programme’s third cohort include four promising Islamic fintech specialists, such as Malaysia’s HelloGold, IslamiChain as well as Hakbah and Wethaq.