International Islamic Trade Finance to open branch in Dubai
DUBAI, February 10, 2016
UAE Ministry of Finance has signed a deal with International Islamic Trade Finance Corporation, a subsidiary of the Islamic Development Bank Group, to establish a branch and start its operations in Dubai.
The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs on behalf of MoF, and Dr Ahmad Mohamed Ali, IDB Group President on behalf of the International Islamic Trade Finance Corporation.
It will help in supporting the Islamic banking environment in the UAE, as well as Dubai’s ‘Capital of Islamic Economy’ initiative, said a statement.
The Islamic banking assets in the UAE grew to Dh445 billion ($121.1 billion) at the end of the second quarter of last year, an increase of 9.8 per cent since the start of the year; while the global Islamic banking assets were estimated at $1.3 trillion and grew at a robust rate of 16 per cent per annum. - TradeArabia News Service
