Addressing  the growing need for transparency in the Islamic Finance industry, Zawya ,the leading source of financial information in the Middle East and Dubai Exports - an Agency of the Dubai Department of Economic Development,  unveiled the first ever UAE Islamic Financial Services Directory, as  part of Dubai Export's Islamic Financial Services Trade Mission to Europe.

 

The UAE Financial Services Directory was officially launched as a limited edition for Germany, in Frankfurt at an Islamic Finance day event organised by The Institute for Islamic Banking and Finance. Developed in partnership with Dubai Exports, the Directory intends to promote the knowledge, experience and capabilities of the UAE in Islamic banking, takaful insurance, investment and asset management.

 

Over the last five years, the Islamic Finance industry has grown at an average annual rate of 15-20 percent and surpassed over $1 trillion in assets. By 2016, annual industry growth is expected to reach 28.6 percent, nearly five times the rate of conventional investing, and $5 trillion in assets. 

 

Eng Saed Al Awadi,CEO of Dubai Exports commented, "A little over two years ago we started promoting Dubai's capabilities and expertise in Islamic or Shariah compliant financial services to major markets abroad. At the time we were not sure of the response that we would receive especially as we were in the midst of the largest financial crisis since the 1930s. However, we were surprised by the positive response and the outcomes to date. The activities of Dubai Exports have allowed firms in the sector to capitalise on overseas opportunities and this publication is further example of our intervention".

 

"Our participation in the Islamic Finance day was a great opportunity to meet with major stakeholders in the industry and initiate a fruitful collaboration between UAE Islamic Finance specialists and their foreign counterparts. Islamic finance is an ever growing part of Europe's economy. The UAE Islamic Financial Services Directory along with this trade mission will provide a great resource for businesses to connect with government and industry leaders in the UAE, expand their reach, identify opportunities and create new jobs", said Jean Marc Paufique, General Manager at Zawya.

 

Paufique added," Through continued research and analysis, Zawya is working to promote this growth by proactively addressing the issues facing the Islamic Financial Services industry, whilst developing innovative products and services that contribute to the prosperity of the Islamic Finance community and the sustainability of the industry. The first ever UAE Islamic Financial Services Directory is just one such initiative"

 

The first ever UAE Islamic Financial Services Directory includes articles by leading industry professionals, a comprehensive listing of scholars, as well as in-depth statistics and data on the industry. The Directory will lead to greater product development within the Islamic Financial Services sector as more investors and borrowers discover its potential.

 

A global Islamic Financial Services Directory will be available as of June 2011.