Dubai International Financial Center (DIFC) has recorded a significant growth in the volume of Islamic financial assets under management in the Center, up 45% in the second quarter of 2019 compared to the second quarter of 2018.
The Islamic finance industry is growing 1.5 times faster than conventional finance, with the Middle East, Africa and South Asia leading the growth in the sector, with GCC financial assets reaching nearly $ 1 trillion. Dubai remains one of the world's largest sukuk listing centers worth $ 62 billion, of which Nasdaq Dubai manages about $ 60 billion in the Dubai International Financial Center.
The DIFC acts as an intermediary in the growth of the sector through its 40 companies offering Shariah-compliant products and solutions. The DIFC provides access to over 600 million people in the Middle East and Africa alone, as well as attracting leading financial institutions Islamic Bank, such as MyBank Islamic Berhad, which has established its regional headquarters in Dubai, in view of the distinct legislative and regulatory environment, and an active and sophisticated financial system.
Arif Amiri, Chief Executive Officer of the DIFC, said: “The growing number of financial institutions offering Shariah-compliant services and the increasing volume of Islamic assets managed by the DIFC underline the growing demand for Islamic financial products in the region. In line with Dubai's vision to establish itself as the capital of the Islamic economy, we are committed to further developing the investment environment at the highest international levels to support the growth of Shariah-compliant transactions at the center. ”
The Dubai International Financial Center (DIFC) has positioned itself as an attractive destination for startups specializing in Islamic financial technology, establishing the UAE as the world's fourth largest Islamic financial technology hub. The financial center highlighted its commitment to the development of the sector through the launch of the award-winning Vintec Hive Business Acceleration Program, along with regulatory, insurance, and financial technology.