23 June 2009
Dubai's Export Development Corporation (EDC), in association with the Australian Trade Commission (Austrade), has started a new initiative of introducing Islamic financial products and services from the UAE to Australia.
Islamic banking, one of the recent segments in global financial services with the first bank being established in 1975, has grown remarkably fast and today accounts for over $700 billion (Dh3.55 trillion) assets provided by more than 300 financial institutions across 75 countries.
The growing importance of this sector has brought a number of countries considering of changing their regulatory system to incorporate Islamic financial institutions treating them at par with conventional financial firms.
"The Australian Government has proactively sought to implement the necessary changes where some states have already modified their regulatory systems to incorporate Islamic products. The State of Victoria has started to implement taxation changes to incorporate Islamic products. This is the main reason why we chose Australia to be the first trade mission of the (new initiative) Islamic Financial Services from the UAE, with Dubai as the leading and pioneering in the world of shariah compliant products and services.
"The mission is a perfect platform to not only influence the changes in Australia's regulatory, tax and accounting system but also to create awareness about Dubai as a world-class financial centre with more than 50 banks and two industry clusters in the sector," said Saed Al Awadi, Chief Executive Officer, EDC.
Other objectives of the Mission are to assist the participating firms to export their financial products and services to the growing market segment through networking and matchmaking events as well as help them identify entry strategies such as resellers for their products, joint venture partners and opening of representative offices.
Dubai's Export Development Corporation (EDC), in association with the Australian Trade Commission (Austrade), has started a new initiative of introducing Islamic financial products and services from the UAE to Australia.
Islamic banking, one of the recent segments in global financial services with the first bank being established in 1975, has grown remarkably fast and today accounts for over $700 billion (Dh3.55 trillion) assets provided by more than 300 financial institutions across 75 countries.
The growing importance of this sector has brought a number of countries considering of changing their regulatory system to incorporate Islamic financial institutions treating them at par with conventional financial firms.
"The Australian Government has proactively sought to implement the necessary changes where some states have already modified their regulatory systems to incorporate Islamic products. The State of Victoria has started to implement taxation changes to incorporate Islamic products. This is the main reason why we chose Australia to be the first trade mission of the (new initiative) Islamic Financial Services from the UAE, with Dubai as the leading and pioneering in the world of shariah compliant products and services.
"The mission is a perfect platform to not only influence the changes in Australia's regulatory, tax and accounting system but also to create awareness about Dubai as a world-class financial centre with more than 50 banks and two industry clusters in the sector," said Saed Al Awadi, Chief Executive Officer, EDC.
Other objectives of the Mission are to assist the participating firms to export their financial products and services to the growing market segment through networking and matchmaking events as well as help them identify entry strategies such as resellers for their products, joint venture partners and opening of representative offices.
By Staff Writer
© Emirates Business 24/7 2009
