Dubai - Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, announced that it hosted the 2nd UAE Sharia Departments Forum at the Palace Downtown on 22nd April, 2017. The event which was established a year earlier, serves as a platform for Sharia departments of Islamic financial institutions to conceptualize, evolve and drive the development of Sharia compliance in the UAE.
“Reflecting on the progress of the Islamic finance industry over the last 40 years, we strongly believe that all players within the industry can extract massive synergies if we are aligned on communication, reporting and regulations. Meeting of minds from across the sector is critical for the continual development and globalization of Islamic Finance. This event helps facilitate the sharing of best practices whilst simultaneously addressing the challenges faced by the Sharia business teams today and, as the main founder of this Forum, we remain fully committed to the UAE’s ambition of making Dubai the global capital of the Islamic economy,” said Moosa Khoory, Head of Sharia at DIB.
Outcomes from the first edition of the Forum have already made their mark and included recommendations to the reputable international AAOIFI’s Governance Board, such as the suggestion for the establishment of a joint committee across all Sharia departments, instilling a risk based Sharia Audit, developing Sharia guidebooks for auditors as well as highlighting the need for a Higher Sharia Authority of the Central Bank to develop Sharia governance manuals. AAOIFI’s Board is still in deliberations; however, should these resolutions be accepted, they would also be recommended for global implementation.
This year the Forum expanded from the 4 founding banks and now included all Sharia departments of Islamic Financial institutions in the UAE. The theme for this year’s Forum was ‘Sharia Review’ primarily built around covering the process and mechanism of Sharia review of both standard and non-standard transactions within the industry.
About Dubai Islamic Bank:
Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the fourth largest Islamic bank in the world. The Bank currently operates 90 branches across the UAE, is present in seven markets worldwide and is expanding its global footprint to further grow and develop the industry. Serving close to 1.7 million customers, DIB offers its growing consumer base an increasing range of innovative Sharia compliant products and services.
DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of more than 243 branches across 62 major cities in Pakistan. DIB also received regulatory approval to increase its shareholding in PT Bank Panin Syariah in Indonesia to 40 percent.
Embarking on a newly established growth agenda in 2014, the Bank has been a leading performer in the UAE financial sector over the last three years with record breaking performance despite volatile market conditions. The massive growth has seen DIB’s market share cross over 6%, the financing book nearly doubling and deposits growing by over 50% during the same period. Even more impressive is the more than 100% growth in profits in the last three years as DIB joined the exclusive USD 1 bln profit club in the country.
The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking for businesses and consumers worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. Consequently, DIB has been recognized as “Best Islamic Bank in the UAE" at the 2016 World Finance – Islamic Finance Awards, and has received four major accolades at the 11th Islamic Business and Finance Awards 2016, including “Best Retail Bank in the UAE, Best Corporate Bank in the UAE, Best Sukuk Arranger and Best Islamic Bank”. In addition to the “Best Sukuk House” awarded at the EMEA Middle East Banking Awards 2016, DIB was also honored with record twelve accolades at the Islamic Finance News Awards 2016, receiving among the awards “Best Overall Islamic Bank” and “Best Islamic Bank in the UAE” for the second consecutive year.These awards were in addition to the eight landmark transactions the Bank was recognized for at the 2016 IFN “Deals of the Year” Awards including “UAE Deal of the Year”.
© Press Release 2017