Dubai Export Development Corporation (EDC), in association with the Australian Trade Commission (Austrade), has started the ‘Islamic Financial Services Mission’, a government initiative of introducing Islamic financial products and services from the UAE to Australia in line with the current changes and trends happening in the financial systems across various countries worldwide.
Islamic banking, one of the recent segments in global financial services with the first bank being established in 1975, has grown remarkably fast and today accounts for over US$700 billion assets provided by more than 300 financial institutions across 75 countries. The growing importance of this sector has brought a number of countries considering of changing their regulatory system to incorporate Islamic financial institutions treating them at par with conventional financial firms.
“The Australian government has proactively sought to implement the necessary changes where some states have already modified their regulatory systems to incorporate Islamic products. The State of Victoria has started to implement taxation changes to incorporate Islamic products. This is the main reason why we chose Australia to be the first trade mission of the Islamic Financial Services from the UAE, with Dubai as the leading and pioneering in the world of shariah compliant products and services.
“The Islamic Financial Services Mission is a perfect platform to not only influence the changes in Australia’s regulatory, tax and accounting system but also to create awareness about Dubai as a world-class financial centre with over 50 banks and two industry clusters in the sector,†said Engineer Saed Al Awadi, Chief Executive Officer, EDC.
Other objectives of the Islamic Financial Services Mission in Australia are to assist the participating firms to export their financial products and services to the growing market segment through networking and matchmaking events as well as help them identify entry strategies such as resellers for their products, joint venture partners and opening of representative offices. The initiative also hopes to educate the participants of the changing legislation thereby allowing them to develop appropriate exports plans.
The fact finding mission includes Islamic financial firms across the whole spectrum from banking takaful, asset and investment management and boutique services. Some of the participants in the mission include Ebrahim Fayez Al Shamsi, Chief Executive Officer, Emirates Islamic Bank; David Rutledge, Chief Executive Officer, Dubai Multi Commodities Centre (DMCC); and Abdul Ghaffar, Executive Director, Al Bogari Islamic Gold, a company that has wide ranging investments in Islamic banking, insurance and asset management.
“Our aim was to take one from each field to become a representative and help us educate others in this sector. The interest in the Islamic Finance was overwhelming that we exceed our initial expectations as far as the numbers of companies are concerned. We plan to take a much larger delegation later in the year.
“We are optimistic that this Islamic Financial Services Fact Finding Mission in Australia will open avenues for UAE-based companies to export Islamic products and services. EDC is constantly monitoring global markets on behalf of companies in the Emirates, and currently, we have already identified similar mission in the area of Islamic finance in Germany,†concluded Al Awadi.
EDC and Austrade will commence the first leg of the Islamic Financial Services Mission to Australia from 22 to 26 June.
The Islamic Financial Services Mission in Australia will begin in the State of Victoria meeting with government agencies such as the Australian Prudential Regulation Authority, Australian Securities and Investment Commission, New South Wales Government; industry associations such as the Australian Financial Markets Association, Investment and Financial services Association and Insurance Council of Australia and other industry participants, which include the country’s major financial institutions and advisers such as accountants and lawyers. The delegation will also visit Canberra to meet with The Treasury and the UAE Embassy. The mission will continue in Sydney – New South Wales and will discuss with the Victorian Government and other industry participants and the Muslim Community Cooperative Australia.
About Dubai Export Development Corporation:
Having commenced operation in 2007, the Dubai Export Development Corporation (EDC) is an organization established under the umbrella of the Government of Dubai and as a part of Dubai Department of Economic Development. Its vision is to be a world-class model in assisting and facilitating exporters, by creating an enabling environment for exports, with the aim of enhancing the competitiveness of Dubai as a preferred trading partner.
The EDC has developed its vision and mission to identify and effectively deliver value-added trade support services to Dubai based firms for accelerated and profitable expansion of their business in foreign markets.
