01 May 2016Innovative event brought together leading Islamic banks to drive the development of Islamic financial services in the country
Dubai, UAE - Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, announced today that it had launched the first UAE Sharia Departments Forum 2016.The event was organized by the Bank, as Founder & Sponsor with the valued participation of other local Islamic banks, to create a platform where the Sharia departments of financial institutions across the country can meet to exchange experiences and share solutions to the challenges they face, with the strategic objective of developing the Islamic financial services sector in the UAE. The opening event took place on April 30, 2016, at The Palace Hotel in Dubai.
As the first event of its kind in the country, the Forum was led by Sharia department at DIB and featured the Sharia departments of other local Islamic banks including Abu Dhabi Islamic Bank, Emirates Islamic and Al Hilal Bank. 'Sharia Audit' was chosen as the theme of the event this year with a very comprehensive series of panels, each of which was led by one of the participants, discussing a different element of the topic.
DIB chaired a session on the 'Sharia Auditor's Guide', while other banks covered topics such as 'Sharia audit based on the risk of non-compliance' which was managed by Abu Dhabi Islamic Bank; 'the relationship between Sharia audit and internal audit, and areas of cooperation' by Emirates Islamic; and 'the differences between the Sharia auditor and the Sharia compliance reviewer' by Al Hilal Bank. The event concluded with a roundtable discussion on the findings and the recommendations of the Forum.
Commenting on the event, Moosa Khoory, Head of Sharia, DIB, said: "Given our unparalleled heritage in Islamic banking, we strongly believe that Sharia compliant financial institutions across the country need to come together to collaborate in order to share knowledge and work together to effectively address the biggest challenges we face today. With this goal in mind, we are proud to have organised this initiative and would like to thank all the participating banks for their support. The event was established as a leading annual platform to discuss the most pressing issues facing Sharia departments and to develop innovative solutions that will drive the ongoing evolution of the Islamic financial services sector."
The Inaugural Forum was attended by all the employees working in the Sharia departments of the participating banks. DIB's Sharia department is looking forward to expand this Forum over the next four years to include all the Islamic banks and Islamic windows in the country, as well as Islamic Finance companies, such as Takaful providers.
About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 90 branches in the UAE.
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 175 branches across 56 major cities in Pakistan. DIB has also started operations in Jordan, with the establishment of Jordan Dubai Islamic Bank, and in 2015, it received regulatory approval to increase its shareholding in PT Bank Panin Syariah in Indonesia to 40 percent.
Alongside its accomplishments as a commercial organisation, DIB has always recognised its wider role in society. The bank supports the communities in which it operates through the DIB Foundation, a non-profit social, humanitarian and charitable organisation which distributes millions of dirhams to good causes at home and abroad each year.
For its contribution to both the banking industry and the wider community, DIB has earned the respect of its peers around the world. The bank's leading position has been reaffirmed by more than 185 local, regional and international accolades that it has won since 2004. DIB has won awards across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. Dubai Islamic Bank has been also declared the winner of the "Best Islamic Bank, UAE - 2016" by World Finance - Islamic Finance Awards 2016. DIB's notable recognitions recently included being named the "Best Retail Bank ME", "Best Corporate Bank ME", "Best Commercial Bank ME", "Best Sukuk Arranger ME" and winning "Best Sukuk Deal" award at the Islamic Business & Finance Awards 2015 , in addition to receiving five accolades at the Banker Middle East Industry Awards 2015 for being named as the "Best Investment Bank". DIB was also recognised for its retail banking services at the Banker Middle East Product Awards 2015, where it won the accolades for "Best Islamic Card" and "Best GCC Equity Fund", as well as being chosen as the "Islamic Bank of the Year -UAE" and "Most Established Bank of the Year - UAE" at 2015 Business Excellence Awards for the second consecutive year. Earlier this year, the bank has been recognised for its expertise in arranging complex deals, winning accolades for "Murdarbah Deal of the Year"; "Ijarah Deal of the Year"; and "Pakistan Deal of the Year" at the Islamic Finance News Deal of the Year Awards 2015. Lately, Dubai Islamic Bank has been honored by H.E. Mariam bint Mohammed Khalfan Al Roumi, Minister of Social Affairs, with the accolade for "Private Sector First Class Category" at the Emirates Social Award, in recognition of its contribution to bolstering the social welfare of the country, whilst DIB Foundation, has been rewarded with "Private Sector Second Class Category" during the award ceremony aiming to recognize individuals, companies, private and government sector stakeholders for their commitment to developing the local community.
For further information, please contact:
Nadine Mazraani / Kanishk Mishra
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© Press Release 2016