Dubai Islamic Bank has signed an agreement on research with Oxford Business Group (OBG), a global publishing firm, for a report that will spotlight on the wealth of initiatives taking shape under the emirate’s Islamic economy strategy.

Under the Memorandum of Understanding (MoU), OBG will have access to the bank’s resources, which will be used to compile the Islamic Bank Chapter of The Report: Dubai 2015, which will explore the important part that the Dubai Islamic Economy Development Center (DIEDC) is set to play in bringing more capital markets issuances to the emirate.

The publication will also consider the steps Dubai could take to gain a larger portion of global sharia-compliant transactions.

Dr Adnan Chilwan, CEO of Dubai Islamic Bank, said he expected the lender’s collaboration with OBG to highlight the changing face of Islamic banking and finance.

“We are at a major crossroads now,” he said. “The spectacular growth, development and innovation that the segment has witnessed over the last decade is nothing short of revolutionary. Though still in its infancy when compared to the age-old conventional sector, the achievements are being lauded as a game-changer for the entire industry.”

“This is not the time to rest on our laurels. We have made a significant mark on the global finance landscape through a combination of innovation and responsible or ethical banking. All Islamic finance practitioners must follow this agenda faithfully if the industry is to overcome the challenges that globalisation brings,” he added.

Dr Chilwan acknowledged that there is still some way to go for Islamic finance to rival the more established alternatives but believes that ”the real success of Islamic banking and finance lies in establishing this alternative industry as the acceptable norm, viewed side by side or perhaps more conventional than its centuries old alternative.”

This, he said, is what Dubai Islamic Bank has achieved in the UAE and this is how the bank intends to expand its franchises internationally.

OBG’s regional director, Jana Treeck, said: “The emirate’s drive to tap a wider investor base at a time when the Islamic financial services sector continues to increase its market share globally is something that will be of particular interest to our readers.”

“I am thrilled that our team will benefit from Dubai Islamic Bank’s in-depth understanding of the changes taking place in sharia-compliant financial services here in the emirate and beyond.”

The Report: Dubai 2015 will be a vital guide to the many facets of the emirate, including its macroeconomics, infrastructure, banking and other sectoral developments. The publication will feature interviews with a broad range of leading personalities, including the secretary general of GCC AdulLatif Al Zayani, the chairman and president of the Trump Organization Donald Trump and the chairman of Dubai Airports Sheikh Ahmed Bin Saeed Al Maktoum.

The report, which is OBG’s sixth publication on the emirate, will be available in print or online, a statement said. – TradeArabia News Service