UAE hosts the first branch of the International Islamic Trade Finance Corporation

The agreement was signed by HE 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.

Signing the agreement will help in supporting the Islamic banking environment in the UAE, as well as Dubai’s ‘Capital of Islamic Economy’ initiative. Statistics have shown that the Islamic banking assets in the UAE grew to AED 445 billion at the end of the second quarter of 2015, 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 (AED 4.77 trillion) and grew at a robust rate of 16 per cent per annum.