Dubai: A delegation from Dubai International Financial Centre (DIFC) has participated in the UAE-Luxembourg Council for Cooperation and Development of Islamic Banking and Finance.
Aiming to strengthen DIFC’s long-standing partnership with Luxembourg, the visit included engagements with industry experts to share insights on the sophistication and future of Islamic finance and the impact of FinTech.
FinTech has grown exponentially since 2011. In 2015, the FinTech industry saw a $16.5 billion (Dh60.5 billion) of funding with a 22.2 per cent year on year funding growth. Some 26 per cent of GCC Islamic banking customers use mobile banking services and 81 per cent said they would switch banks for a better digital experience, according EY GCC Digital Banking Report 2015. Industry sources believe that FinTech solutions can close the service gap between conventional and Islamic banking and accelerate growth for smaller Islamic banks and new Islamic entrants to the market.
As a part of DIFC’s participation in UAE-Luxembourg Council for Cooperation and Development of Islamic Banking and Finance, Ali Hassan, Senior Vice President of Business Development for London and Europe at DIFC spoke in a panel discussion on FinTech and Islamic Finance.
Hassan highlighted DIFC’s successful collaboration with Luxembourg for Finance to exchange best finance practices as well encourage the development of industry standards.
Building on the long-standing collaboration on Islamic banking and finance between the UAE and Luxembourg, the visit explored innovations and solutions that would help financial markets in the two countries maintain and grow their respective financial centres. Industry leaders from the UAE and Luxembourg also discussed opportunities for mutual recognition funds, firms and vehicles particularly in the wealth management and Islamic finance sectors.
Arif Amiri, Chief Executive Officer of DIFC, said: “By strengthening our collaboration with Luxembourg and encouraging an exchange of expertise, DIFC will continue to facilitate opportunities for our partner jurisdictions in Luxembourg and other parts of Europe. Consolidating synergies between the two countries, DIFC will continue to support an exchange of business opportunities for Dubai and Luxembourg in both conventional and Islamic finance.”
“DIFC has emerged an enabling platform for Islamic finance and FinTech. We continue to innovate across all financial sectors, including asset management, investment banking and insurance with the launch of our Qualified Investor Fund that provides faster time to markets and the netting law that facilitates counterparty risk management. With new innovations and support services, we have attracted numerous FinTech firms seeking to establish a presence in DIFC, including current and upcoming licences,” he added.
Originally published on www.gulfnews.com