UAE's Islamic finance, halal industry poised for robust growth, economic diversification
14 June 2025 12:30
ABU DHABI (WAM)The UAE continues to cement its status as a leading global hub for Islamic finance and the halal industry, aligned with a comprehensive development vision aimed at diversifying the national economy and enhancing global competitiveness.Backed by forward-thinking government policies, a modern regulatory framework, and cutting-edge financial and industrial infrastructure, both sectors are witnessing dynamic growth. The UAE is investing heavily in a knowledge- and innovation-based economy, with Islamic finance and halal products playing key roles in this transformation.In May, the UAE launched a national strategy for Islamic finance and halal industry development. The plan sets out to create an integrated ecosystem for Islamic financial activities, including banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services—aligned with international best practices and standards.According to February data from the Central Bank of the UAE, Islamic banks now account for approximately 18% of total banking assets and 22.8% of total credit within the national banking sector.The Islamic Sukuk market, in particular, has expanded significantly. Notably, the federal government launch of the dirham-denominated Islamic Treasury Sukuk (T-Sukuk) in 2023, signalling a new era for the sector.The UAE is now recognised as one of the world's largest Sukuk listing centres. As of May, Sukuk listed on Nasdaq Dubai exceeded $95.7 billion, reinforcing the country's position as a global hub for Sharia-compliant fixed-income instruments.In 2023, the country was ranked fourth globally in Islamic financial markets by assets, according to the 2023 Islamic Finance Development Indicator based on total assets.Jamal Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and internationally.In statements to the Emirates News Agency (WAM), Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification agenda.He pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant finance.Saleh also noted the sector's impressive growth trajectory. As of February 2025, total credit granted by Islamic banks reached AED503.5 billion, a 16% year-on-year increase. Private sector credit alone stood at AED350.4 billion, growing 13.2% annually.Meanwhile, deposits at Islamic banks surged to AED595.3 billion, marking an annual growth rate of 16.9%.Parallel to its financial achievements, the UAE is asserting itself as a global halal industry hub. Under the newly approved national strategy, the UAE aims to increase halal exports from AED74 billion to AED315 billion by 2031, leveraging its strategic location and world-class infrastructure.Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, in statements to WAM, said that the strategy is a landmark step toward establishing the UAE as a global halal production centre.He highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products accelerates.According to a report by Bonafide Research on the halal food and beverage market in the UAE, the market size is projected to exceed $31.27 billion by 2029. This growth reflects the increasing demand for halal-certified products, both within the country and globally, as consumers become more conscious of dietary and ethical standards.
The UAE's strategic location as a global trade and tourism hub plays a key role in driving this expansion. Its position enhances the country's appeal to both local and international consumers seeking trusted halal-certified goods, reinforcing the UAE's reputation as a leading centre for halal commerce.
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Gulf Today
8 hours ago
- Gulf Today
UAE's Islamic finance and halal industry poised for robust growth
The UAE continues to cement its status as a leading global hub for Islamic finance and the halal industry, aligned with a comprehensive development vision aimed at diversifying the national economy and enhancing global competitiveness. Backed by forward-thinking government policies, a modern regulatory framework, and cutting-edge financial and industrial infrastructure, both sectors are witnessing dynamic growth. The UAE is investing heavily in a knowledge- and innovation-based economy, with Islamic finance and halal products playing key roles in this transformation. In May, the UAE launched a national strategy for Islamic finance and halal industry development. The plan sets out to create an integrated ecosystem for Islamic financial activities, including banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services-aligned with international best practices and standards. According to February data from the Central Bank of the UAE, Islamic banks now account for approximately 18 per cent of total banking assets and 22.8 per cent of total credit within the national banking sector. The Islamic Sukuk market, in particular, has expanded significantly. Notably, the federal government launch of the dirham-denominated Islamic Treasury Sukuk (T-Sukuk) in 2023, signaling a new era for the sector. The UAE is now recognised as one of the world's largest Sukuk listing centres. As of May, Sukuk listed on Nasdaq Dubai exceeded $95.7 billion, reinforcing the country's position as a global hub for Sharia-compliant fixed-income instruments. In the 2023, the country was ranked fourth globally in Islamic financial markets by assets, according to the 2023 Islamic Finance Development Indicator based on total assets. Jamal Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and internationally. In statements to the Emirates News Agency, Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification agenda. He pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant finance. Saleh also noted the sector's impressive growth trajectory. As of February 2025, total credit granted by Islamic banks reached Dhs503.5 billion, a 16 per cent year-on-year increase. Private sector credit alone stood at Dhs350.4 billion, growing 13.2 per cent annually. Meanwhile, deposits at Islamic banks surged to Dhs595.3 billion, marking an annual growth rate of 16.9 per cent. Parallel to its financial achievements, the UAE is asserting itself as a global halal industry hub. Under the newly approved national strategy, the UAE aims to increase halal exports from Dhs74 billion to Dhs315 billion by 2031, leveraging its strategic location and world-class infrastructure. Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, in statements to WAM, said that the strategy is a landmark step toward establishing the UAE as a global halal production centre. He highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products accelerates. According to a report by Bonafide Research on the halal food and beverage market in the UAE, the market size is projected to exceed $31.27 billion by 2029. This growth reflects the increasing demand for halal-certified products, both within the country and globally, as consumers become more conscious of dietary and ethical standards. The UAE's strategic location as a global trade and tourism hub plays a key role in driving this expansion. Its position enhances the country's appeal to both local and international consumers seeking trusted halal-certified goods, reinforcing the UAE's reputation as a leading centre for halal commerce. Meanwhile the Islamic finance sector in the UAE benefits from a dynamic economic environment and advanced regulatory policies that support Sharia-compliant financial activities. Since the establishment of the UAE's first Islamic bank in 1975, the sector has grown significantly over the decades, becoming a fundamental pillar of the national economy. The industry encompasses Islamic banks, Islamic windows in conventional banks, and sukuk (Islamic bonds), which have witnessed rapid growth in both domestic and international markets. The UAE is committed to developing economic policies and legislation to enhance Islamic finance and the broader Islamic economy. These efforts align with national objectives to ensure sustainable economic growth and establish the UAE as a global hub for the Islamic economy. WAM
Al Etihad
13 hours ago
- Al Etihad
UAE's Islamic finance, halal industry poised for robust growth, economic diversification
14 June 2025 12:30 ABU DHABI (WAM)The UAE continues to cement its status as a leading global hub for Islamic finance and the halal industry, aligned with a comprehensive development vision aimed at diversifying the national economy and enhancing global by forward-thinking government policies, a modern regulatory framework, and cutting-edge financial and industrial infrastructure, both sectors are witnessing dynamic growth. The UAE is investing heavily in a knowledge- and innovation-based economy, with Islamic finance and halal products playing key roles in this May, the UAE launched a national strategy for Islamic finance and halal industry development. The plan sets out to create an integrated ecosystem for Islamic financial activities, including banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services—aligned with international best practices and to February data from the Central Bank of the UAE, Islamic banks now account for approximately 18% of total banking assets and 22.8% of total credit within the national banking Islamic Sukuk market, in particular, has expanded significantly. Notably, the federal government launch of the dirham-denominated Islamic Treasury Sukuk (T-Sukuk) in 2023, signalling a new era for the UAE is now recognised as one of the world's largest Sukuk listing centres. As of May, Sukuk listed on Nasdaq Dubai exceeded $95.7 billion, reinforcing the country's position as a global hub for Sharia-compliant fixed-income 2023, the country was ranked fourth globally in Islamic financial markets by assets, according to the 2023 Islamic Finance Development Indicator based on total Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and statements to the Emirates News Agency (WAM), Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant also noted the sector's impressive growth trajectory. As of February 2025, total credit granted by Islamic banks reached AED503.5 billion, a 16% year-on-year increase. Private sector credit alone stood at AED350.4 billion, growing 13.2% deposits at Islamic banks surged to AED595.3 billion, marking an annual growth rate of 16.9%.Parallel to its financial achievements, the UAE is asserting itself as a global halal industry hub. Under the newly approved national strategy, the UAE aims to increase halal exports from AED74 billion to AED315 billion by 2031, leveraging its strategic location and world-class Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, in statements to WAM, said that the strategy is a landmark step toward establishing the UAE as a global halal production highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products to a report by Bonafide Research on the halal food and beverage market in the UAE, the market size is projected to exceed $31.27 billion by 2029. This growth reflects the increasing demand for halal-certified products, both within the country and globally, as consumers become more conscious of dietary and ethical standards. The UAE's strategic location as a global trade and tourism hub plays a key role in driving this expansion. Its position enhances the country's appeal to both local and international consumers seeking trusted halal-certified goods, reinforcing the UAE's reputation as a leading centre for halal commerce.
Al Etihad
a day ago
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UAE National Media Office hosts roundtable in London in preparation for BRIDGE Summit
13 June 2025 19:58 LONDON (WAM) The UAE's National Media Office (NMO) on Friday hosted a strategic roundtable in London as part of its preparatory efforts for the upcoming BRIDGE event took place on the sidelines of London Tech Week, with the participation of Abdulla bin Mohammed bin Butti Al Hamed, Chairman of the National Media Office (NMO) and Chairman of the Board of Directors of the UAE Media roundtable featured a series of interactive sessions and workshops focused on enhancing collaboration and knowledge exchange with leading global media institutions and experts, in support of building a future-ready media his address, Al Hamed affirmed that the UAE is committed to positioning itself as a global hub for media innovation, stressing that the BRIDGE Summit aims to enable a resilient and effective media ecosystem capable of keeping pace with rapid transformation and shaping narratives that embody values of tolerance, openness, progress, and responsible journalism in the digital emphasised the UAE's intent to deliver practical solutions and strategic partnerships through the Summit, establishing a media model rooted in transparency, accountability and creativity—one that respects cultural diversity and promotes peaceful Hamed added that the London roundtable is a key step in a series of international engagements leading up to BRIDGE, fostering constructive dialogue and unified visions to build a responsive and interdisciplinary media event opened with remarks by Dr. Jamal Mohammed Obaid Al Kaabi, Director-General of the National Media Office, who outlined the BRIDGE Summit's mission to develop the media sector and expand international highlighted the Summit's role in enhancing knowledge exchange and media innovation by integrating advanced technologies and adapting to rapid changes. These efforts, he noted, align with the UAE's vision to be a key player in shaping the future of collaborative, integrated Al Kaabi said BRIDGE seeks to create a global network of media experts and innovators to anticipate trends, support decision-making in media institutions, and stimulate media entrepreneurship through support for start-ups and innovative projects. The aim is to cultivate a sustainable environment for next-generation media a session titled 'Media Leadership: Rebuilding Trust in the Digital Age', Al Hamed joined leading media professionals and thought leaders to discuss declining public trust in media. Participants stressed the need for strategies that combine technological innovation with strong professional ethics, noting that transparency and accountability are critical to rebuilding trust amid the spread of Hamed noted that media today faces a crisis of trust, as facts blur with falsehoods and algorithm-driven echo chambers deepen misinformation. He stressed the need to combine innovation with authenticity, invest in responsible AI, and build transparent media platforms. He called for redefining the journalist's role as a guardian of truth and a guide for audiences navigating a saturated information a session titled 'Philanthropy and Institutions: Funding the Future of News', Dr. Al Kaabi discussed the shift in advertising markets and evolving audience behaviours, with participants comparing traditional and modern revenue models—from public broadcasting and philanthropy to platforms like Substack and YouTube.A panel titled 'Entertainment and Cultural Power: The Geopolitics of Popular Culture', featuring Maryam BinFahad, NMO Advisor, explored how media as a soft power can shape stereotypes, influence culture and impact diplomacy and public 'Academic Institutions: Future Media Curricula', Dr. Amna Al Hammadi, NMO Advisor, examined how to prepare future media leaders to navigate a tech-driven, polarised landscape. She addressed the impact of AI-powered content and the evolution of digital session 'Media and Innovation: Automation and AI in the Newsroom', led by Alia bin Sheikh, Acting Executive Director of Development and Strategic Communications, brought together media and tech leaders to discuss how AI and automation are reshaping media workflows at all levels. Finally, 'The Future of Media: Voices Shaping Tomorrow' featured Omar Al Hemeiri, Institutional Development Project Manager at the NMO, discussing how to craft impactful stories, confront ethical and technical challenges, and reimagine the role of media in the coming era.
