London and Dubai, 13 October 2015: European Islamic Investment Bank plc (‘EIIB-Rasmala’ or the ‘Group’), the London-listed asset management and financing group, today published a white paper on how Dubai can become the global hub for Islamic asset management if it is able to drive greater innovation and diversification in the sector.
The new report, entitled “Dubai: Global Hub for Islamic Finance”, highlights how despite its huge international potential and appeal, the Islamic asset management sector remains greatly underdeveloped, arguing:
The study recommends a series of measures to accelerate the growth of the industry in Dubai, including an initial public consultation between fund managers and authorities to identify ways of incentivising the creation of multi-asset class, multi-geography funds. It also calls for the UAE’s state-owned savings institutes and sovereign funds to establish working groups and transform the way they interact with and appoint private sector asset managers.Islamic finance is widely recognised as an attractive growth sector for the international financial industry. Islamic funds under management are forecast to grow from US$60 billion currently to at least US$77 billion by 2019, while research suggests that latent demand could reach US$185 billion in the same period.
The findings will be discussed in detail today at Rasmala Breakfast Briefing, an event organised in collaboration with the Dubai International Financial Centre, Dubai Islamic Economy Development Centre and Thomson Reuters. The event marks the start of a joint initiative between EIIB-Rasmala and Thomson Reuters to research the transformation of Shari’a compliant asset management in the UAE, which will report its findings in early 2016.
In his keynote speech, Abdulla Mohammed Al Awar, CEO of DIEDC, said: “Dubai Islamic Economy Development Centre has highlighted the opportunities for convergence between the various Islamic economy sectors that have largely been overlooked, even ignored.
“Needless to say, if we are to catalyse the next wave of innovation and turbo charge the Islamic economy, those who have capital must connect with those that require capital. To this end, Islamic finance has been the hidden treasure that we can leverage to drive growth in crucial sectors. We are confident that the collective endeavour of all key stakeholders will help the Islamic economy leapfrog into its next phase of growth.”
Zak Hydari, Chief Executive, EIIB-Rasmala, commented: “Almost every leading financial centre is competing to win market share in the fast growing Islamic finance sector. DIFC is now uniquely positioned to expand its role and become the global hub for Islamic finance and this white paper recommends how we can accelerate the growth of the industry in Dubai.”
For more information, please contact:
T: +971 (0) 52 993 8616
Harris Irfan EIIB-Rasmala
T: +44 207 847 9900
EIIB-Rasmala (‘The Group’) is a London-listed asset management and financing group specialized in the growth markets of the Gulf Cooperation Council (GCC). The Group operates regulated businesses across the GCC and the wider Middle East and North Africa (‘MENA’) region offering investment management and financing solutions to pension funds, family offices, corporations and financial and government institutions.
The Group is listed in London on the Alternative Investment Market (AIM) of the London Stock Exchange. EIIB-Rasmala employs approximately 100 staff in London, Dubai, Muscat and Cairo.
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