UAE

Dubai-Islamic-Bank

The “Black Magic” Playboy who took Dubai Islamic Bank to brink of Collapse

Foutanga Babani Sissoko told DIB branch manager he had black magic powers and ended up taking $242m from the bank and putting the bank on verge of collapse. In a BBC report, Brigitte Scheffer reported Mali national Foutanga Babani Sissoko persuaded Dubai Islamic Bank manager, Mohammed Ayoub he had magic powers with which he could take a sum of money and double it. According to the report after Sis... »

IMF Highlights Islamic Financial market Instrument Development in UAE

IMF Highlights Islamic Financial market Instrument Development in UAE

IMF Highlights Islamic Finance Instrument Development in UAE The IMF has highlighted the development of Islamic finance instruments in the UAE, stating the UAE is a major hub for Sukuk issuances. During 2001–15, $53.8 billion or 36 percent of all global sukuk issuances originated in the UAE. Report highlights are presented below. UAE Banking System Challenges The UAE has come a long way in the dev... »

EU Finance Ministers Blacklist UAE and Bahrain

EU Finance Ministers Blacklist UAE and Bahrain

Blacklist Could Curtail Free Flow of Islamic Financial Funds to UAE and Bahrain The global Islamic finance centre credentials of the UAE and Bahrain took a hit as EU finance ministers added them to a list of “blacklist” tax havens, which could mean they lose access to EU funds and face other sanctions. EU finance ministers have listed 17 countries for failing to meet agreed tax good governance sta... »

Dana Gas Sukuk is Toxic for UAE Islamic Finance

Dana Gas Sukuk is Toxic for UAE Islamic Finance

“Using Shariah non-compliance as a rationale for restructuring” The actions of Dana Gas can derail UAE and Dubai’s Islamic Finance ambitions as investors question credibility of UAE based Sharia compliance assurances. UAE based Dana Gas made a surprise announcement on 13 June, stating “due to the evolution and continual development of Islamic financial instruments and their interpretation, the Com... »

Dubai’s Islamic Economy Vision came together at a Remarkable GIES 2016

Dubai’s Islamic Economy Vision came together at a Remarkable GIES 2016

Nascent Industry Finds a Home in Dubai Alan Greenspan once described people to people contact as a key pillar to building commerce and creating economic activity. Taking the former Chairman of the Federal Reverse at his words, the gathering of individuals at the Global Islamic Economy Summit 2016 this week in Dubai would have done much to create the relationships and entrepreneurial spirit to take... »

Global Takaful Insights 2014 by EY

Global Takaful Insights 2014 by EY

Global Takaful Insights 2014 by EY Highlights Growth and profitability prospects for takaful operators vary significantly by markets and sectors, depending on the market’s economic maturity, industry and regulatory structure. Despite volatility in financial markets, there appears to be growth momentum in three key markets: Saudi Arabia, United Arab Emirates (UAE) and Malaysia. Acquisition of  mark... »

Update 1: Noor Bank incorrectly state their Sukuk is lowest priced in UAE

Update 1: Noor Bank incorrectly state their Sukuk is lowest priced in UAE

Emirates Airline sukuk was priced lower at 2.471% as compared to Noor Bank 2.788%. »

Emirates Sukuk boosts UK Islamic Finance as Hong Kong readies for second Sukuk

Emirates Sukuk boosts UK Islamic Finance as Hong Kong readies for second Sukuk

The United Kingdom and Hong Kong push ahead with Islamic Finance ambitions. »

An Overview of Islamic Finance in the GCC States

What role does Islamic finance play in the economies of states belonging to the Gulf Cooperation? Apparently, quite a substantial one. Research has demonstrated that Islamic finance has had a significant effect on economic growth and development in Bahrain, Qatar, Kuwait, Saudi Arabia, and the United Arab Emirates, the five countries of the GCC. About half of worldwide Islamic finance and assets a... »

The Wajaha Private Bank Account from Dubai Islamic Bank

The Wajaha Private Bank Account from Dubai Islamic Bank

The Wajaha Private Banking account from Dubai Islamic Bank (DIB) offers a comprehensive range of features and benefits for those looking for an Islamic Banking account with Private Banking services. »