Abu Dhabi report: Islamic finance sector showing resilience
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Sun March 11, 2012 1:09 pm

UAE. Abu Dhabi Islamic Bank, a top tier financial institution, has announced today that it is about to launch The Report: Abu Dhabi 2012. The growing role earmarked for the Bank’s financial services industry will be put in the spotlight in a forthcoming report to be published by the global publishing, research and consultancy firm Oxford Business Group (OBG).

The Report: Abu Dhabi 2012 will provide detailed coverage of the resilience that the Islamic finance sector is showing against a backdrop of global economic uncertainty, bucking trends by registering growth as customers look for reliable alternatives to the conventional finance market. It will also explore the potential that exists for Islamic finance to increase its role in financing Abu Dhabi’s large-scale infrastructure projects.

OBG has sealed a seventh year of partnership with the Abu Dhabi Islamic Bank (ADIB) to document the latest developments in the Emirate’s Islamic financial services industry. As part of the collaboration, ADIB will team up with OBG to produce key data and analysis of Shari’a-compliant banking and consider how it is redefining financial services in the Emirate.

OBG’s Country Director, Neslihan Aydagul, said that while financial services was one of a number of sectors earmarked for growth in Abu Dhabi, Islamic banking in particular was proving to be a key component of the Emirate’s bid to expand the role of the private sector in line with its guiding framework for economic growth, Economic Vision 2030.

“The Islamic financial services segment has not only weathered global economic uncertainty well, but is also increasing its market share. Growth looks set for a further boost as new products enter the market,” she said.

She added that OBG’s long-standing working relationship with ADIB had undoubtedly given the Group’s coverage of Shari’a-compliant banking an edge. “I am delighted to welcome the bank’s team of experts on board once again as we prepare to cover this important segment of financial services for The Report: Abu Dhabi 2012,” she said.

Tirad Mahmoud, CEO of ADIB, said the approach adopted in Islamic banking of having a business model based on ethics rather than mathematics, together with the emphasis placed on real and tangible assets had provided the segment with a buffer against the worst of the world’s economic problems.

“In light of what has happened with the global financial crisis, businesses are taking stock and really listening to clients’ needs for ethically sound practices. Islamic banks are a natural product for that gap in the market,” he said. “I look forward to renewing our collaboration with Oxford Business Group.”

The Report: Abu Dhabi 2012 will mark OBG’s 7th year of on-the-ground research on the Emirate. It will contain a detailed, sector-by-sector guide for foreign investors, alongside a wide range of interviews with the most prominent political, economic and business leaders.  It will be a vital guide to the Emirate, including its macroeconomics, infrastructure, banking and other sectoral developments. The Report: Abu Dhabi 2012 will be available in print and online.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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