Dubai International Financial Centre records 45% rise in Islamic assets

DUBAI: Dubai International Financial Centre, DIFC, recording 45 per cent growth in Islamic assets being managed in the Centre between the second quarter of 2018 and the second quarter of 2019.

According to a press release issued by DIFC on Wednesday, 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 US$1 trillion in financial assets across GCC countries.

Dubai remains one of the world’s largest centres for Sukuk listings by value at $62 billion, with DIFC-based Nasdaq Dubai at $60 billion.

The DIFC continues to be a catalyst for growth in this sector, with more than 40 firms offering Sharia-compliant products and services, using the Centre as a springboard to reach a Muslim population of over 600 million in the Middle East and Africa region alone.