Dubai International Financial Centre (DIFC) has recorded a 45% growth in Islamic assets being managed in the Centre between the second quarter of 2018 and the second quarter of 2019.
Islamic finance is growing at 1.5 times the rate of traditional finance, and the Middle East, Africa and South Asia region continues to be a steady driver of this industry, fuelled by a number of jumbo sukuk issuances and almost $1trn in financial assets across GCC countries.
According to a Dubai Media Office report, Dubai remains one of the world's largest centres for sukuk listings, valued at $62bn (AED227.7bn), with DIFC-based Nasdaq Dubai at $60bn (AED220bn).
We are committed to continuously enhancing our world-class business environment to support the growth of sharia transactions here in the centre"
Chief executive officer of DIFC Authority, Arif Amiri, said: "The growth in the number of financial institutions with a sharia-compliant offering, alongside the rise of Islamic assets managed from the DIFC highlights the increasing demand for Islamic financial products in the region."
Amiri added: "Aligned with the vision of Dubai's leadership to establish the city as the capital for Islamic economy, we are committed to continuously enhancing our world-class business environment to support the growth of sharia transactions here in the centre."
DIFC is home to over 40 firms that offer sharia-compliant products and services to a Muslim population of more than 600 million in the Middle East and Africa region alone.
The Centre has also become the preferred home for emerging Islamic fintech firms, contributing to the UAE's position as the fourth largest Islamic fintech hub in the world.