|10-31-2014, 12:55 PM||#1|
Islamic finance standardization is next for UAE
The United Arab Emirates is in need of a central Sharia board to standardize Islamic finance products, said Hamad Amim, chief executive of the Dubai Chamber of Commerce.
“I think we should have a Sharia board to progress forward. The way we operate right now is that each bank has a Sharia board,” said Hamad Amim.
Dubai is the third largest global center for sukuk (Islamic bonds) following the recent listing of a $750 million sukuk by the Dubai Government, and on the upcoming $1 billion sukuk offering by Hong Kong on NASDAQ Dubai.
Oman was the first to appoint a Sharia board within GCC countries.
Malaysia is first in the Thomson Reuters Islamic Finance Development Indicator, which takes into consideration governance, quantitative development, social responsibility, awareness and knowledge.
Oman and Bahrain are second and third, followed by the UAE.
The asset growth of the GCC Islamic banks is overcoming conventional banks, particularly Qatar and Saudi Arabia.
UAE-based Islamic banks grew by 16% between 2009 and 2013. Qatar’s Islamic Banks’ aggregate asset base expanded 28% in the same period. Ernst & Young estimates that by 2018, the Islamic finance industry would double.
Standardization would notably enhance growth in the Islamic finance industry, and would support product innovation and quality in Islamic Finance.
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