UAE leads world in Islamic finance industry

Investments in the Islamic economy dropped by 13% in 2020

Image used for illustrative purpose. United Arab Emirates dirham.

Image used for illustrative purpose. United Arab Emirates dirham.

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UAE - Mubasher: The UAE has led the world in setting an international regulatory framework governing Islamic finance, according to a report by Global Finance Magazine.

The report focused on the impact of the coronavirus (COVID-19) pandemic on the Islamic finance sector and the growth expected to be witnessed in the sector by 2024.

In 2020, investments in the Islamic economy, including halal food and healthcare, dropped by 13%, when compared to 2019.

The report referred that the countries recording the most deals in the Islamic economy this year were Indonesia, UAE, and Kuwait.

Meanwhile, the report forecast that the UAE is expected to maintain its leading position in the Islamic finance sector after the pandemic.

It is noteworthy to mention that in November, Dubai Islamic Bank (DIB) successfully completed the integration of Noor Bank with its banking activities to boost its position as one of the world's largest Islamic banks with total assets exceeding AED 300 billion.

Source: Mubasher

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