The UAE alone now has more than 50 different banking groups, and DUbai has big plans to become the leading regional service and trading centre, although the emirate faces competition from Abu DHabi and local competition such as Qatar. According to Bloomberg, the stock trading markets in ABu Dhabi and Dubai are amongst the top 10 performers in last year, with the Abu Dhabi Securities Exchange General Index climbing 40.3% this year, while the Dubai Financial Market General Index has jumped 47.8% in the same period.
The Islamic finance sector represents a key growth area in the uae banking and fiance industries as there is a global market. Islamic fiance is complaint with shariah law and essentially instigated longer term relationships between customer and bank, with a shared responsibility to pay the debt and, by nature, lower risks. Mortgages, for example, work on either the customer leasing back the property from the bank, or agreeing a higher than market valuation with bank, so the extra money paid back over the term is the reward for the bank's risk. Islamic finance also prohibits any dealing with products such as pork, non-halal meat, alcohol, pornography and gambling
The uae is well-placed to emerge as a global hub for shariah-compliant finance as the rapidly growing Muslim populations continue to seek savings and banking products that cater to the sensitivities of the religion. The UAE is currently ranked fifth in the table of leadership and involvement of Islamic finance, as compiled in 2012 Global Islamic Finance report, with opportunities to expand into western markets.
The UAE alone now has more than 50 different banking groups, and DUbai has big plans to become the leading regional service and trading centre, although the emirate faces competition from Abu DHabi and local competition such as Qatar. According to Bloomberg, the stock trading markets in ABu Dhabi and Dubai are amongst the top 10 performers in last year, with the Abu Dhabi Securities Exchange General Index climbing 40.3% this year, while the Dubai Financial Market General Index has jumped 47.8% in the same period.The Islamic finance sector represents a key growth area in the uae banking and fiance industries as there is a global market. Islamic fiance is complaint with shariah law and essentially instigated longer term relationships between customer and bank, with a shared responsibility to pay the debt and, by nature, lower risks. Mortgages, for example, work on either the customer leasing back the property from the bank, or agreeing a higher than market valuation with bank, so the extra money paid back over the term is the reward for the bank's risk. Islamic finance also prohibits any dealing with products such as pork, non-halal meat, alcohol, pornography and gamblingThe uae is well-placed to emerge as a global hub for shariah-compliant finance as the rapidly growing Muslim populations continue to seek savings and banking products that cater to the sensitivities of the religion. The UAE is currently ranked fifth in the table of leadership and involvement of Islamic finance, as compiled in 2012 Global Islamic Finance report, with opportunities to expand into western markets.
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