DIFC releases updated version of 'Guide to Islamic Finance' |
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Dubai: The Dubai International Financial Centre AuthorityDubai International Financial Centre Authority
on Monday announced the release of the updated version of its 'Guide to Islamic Finance in or from the DIFCDIFC'.Apart from incorporating the new landmarks in the evolution of its model Islamic insurance regulatory framework and operating practises, the latest publication also takes into account the changing overall scenario as a result of the financial crisis that is gripping the world.
At the same time, the publication retains and expands on its original aim of assisting those parties from within the region and outside, who are interested in learning about the rapidly expanding world of Islamic finance.
The publication provides a summary of the underlying concepts in Islamic finance and examines the issues facing the Islamic financial services industry, both in DIFCDIFC and beyond; now and in the future.
The Islamic financial services industry is growing at a phenomenal rate. What emerged as a niche industry has now pervaded almost every major financial market in the world.
Markets are seeking to introduce Islamic products under various labels like Islamic finance, Sharia-compliant finance, or even alternative finance, but whatever title is used, it is without doubt one of the fastest growing financial sectors in the world. Most global banks either have a subsidiary or a division dedicated to Islamic finance.
Abdullah Al Awar, Chief Executive Officer of DIFC AuthorityDIFC Authority, pointed out that the DIFCDIFC had identified Islamic finance as one of its major pillars even before it became globally popular.
"Since then the DIFCDIFC has successfully worked towards becoming a hub for Sharia-compliant finance.
"Perhaps now is the opportunity for Islamic finance to come out from the shadows of conventional finance and provide financial products in line with Sharia to an investor base that is currently unsatisfied and unsure of the conventional financial system," he said.
© Gulf News 2009
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