October 17, 2019

Dubai International Financial Centre (DIFC), the top financial hub in the Middle East, Africa and South Asia (MEASA) region, has announced a significant rise in Islamic assets, up 45 percent over the past year.

DIFC, which was recently named in the top 10 of global financial centres, said Islamic finance is growing at 1.5 times the rate of traditional finance, and the MEASA continues to be a steady driver of this industry, fueled by a number of major sukuk issuances and almost $1 trillion in financial assets across GCC countries.

Dubai remains one of the world’s"...

October 17, 2019

DUBAI, 16th October, 2019 (WAM) -- Dubai Islamic Economy Development Centre (DIEDC) concluded a series of roundtables in Malaysia, Indonesia, and Thailand in collaboration with prominent entities operating within the Islamic economy framework in the three host countries.

Saeed Mubarak Kharbash Al Marri, Deputy CEO of Strategy and Planning at DIEDC, headed the UAE delegation that comprised representatives of the Centre’s strategic partners.

The first roundtable took place in Malaysia’s capital city, Kuala Lumpur. Hosted by Bank Negara Malaysia with the aim"...

October 16, 2019

Dubai Islamic Bank Group reported on Tuesday an eight per cent growth in net profit to Dh4 billion in the first three quarters.

The bank said its total income hit Dh10.2 billion, up by 20 per cent year on year compared to Dh 8.532 billion in the same 2018 period.

In a statement, the bank said net operating revenue grew to Dh 6.877 billion, up 14 per cent compared to Dh6.055 billion in 2018.

Operating expenses were stable at Dh1.771 billion while net operating profit before impairment charges"...

October 14, 2019

Islamic Arab Insurance Company (Salama), one of the UAE’s largest takaful companies, plans to raise the foreign ownership limit of its shares to the maximum permissible under UAE law of 49 per cent, the company said.

The Islamic insurer is also reducing paid up capital of Dh1.21 billion to write off accumulated losses of Dh394 million to allow it to start paying dividends again, according to a statement posted on Sunday on the Dubai Financial Market, where its shares trade.

“The paid-up capital of the company as well as the number of issued shares will"...

October 3, 2019

DUBAI, 2nd October, 2019 (WAM) -- Nasdaq Dubai has welcomed the listing of a US$500 million Sukuk and a $500 million conventional bond issued by global trade enabler DP World.

DP World is the largest UAE debt issuer by value on the region’s international exchange, with Sukuk and conventional bond listings now totalling $9.09 billion.

The organisation operates a geographically diverse network of trade enabling businesses including ports and terminals, industrial parks, logistics and economic zones, maritime services and marinas.

DP"...