UAE bolsters Islamic Financial products to Australia thru second leg of Trade Mission
The UAE is strengthening the exports of Islamic financial products and services to Australia through the second Islamic Financial Services Trade Mission hosted by Dubai Export Development Corporation (EDC), an agency of the Dubai Department of Economic Development (DED), Government of Dubai.
The Islamic Financial Services Trade Mission, which was first introduced last June 2009, was supported by the Australian government particularly by state governments of New South Wales and Victoria. Organised in partnership with the Australian Trade Commission (Austrade), the mission will be held from 8-12 February in Sydney and Melbourne.
“DED supports the UAE government particularly Dubai’s efforts in introducing Islamic financial products across the world. EDC’s first successful Islamic Financial Trade Mission to Australia has brought changes in Australia’s financial services sector particularly in the State of Canberra where our Islamic Financial firms have had discussion with the Treasury officials in Canberra about the rules governing its financial services. The second mission hopes to reach other states in Australia to examine possible ways of incorporating Islamic financial products into their current financial system,” said His Excellency Mr Sami Al Qamzi, DED Director General.
The second mission not only aims to bring the Islamic financial products available in the UAE but also to take part in the modification within Australia’s financial system. Participants of the mission hope to meet federal and state regulator as well as industry bodies and market participants covering all areas of finance.
“Fostering on the success of the first fact finding mission to Australia focussing on introducing Islamic financial services and related products, EDC is pleased to lead again this landmark Islamic Financial Services Trade Mission. The first mission has resulted in considerable business opportunities for the UAE-based Islamic financial services firms as well as raising the awareness of Dubai as the global hub for Islamic finance” said Engineer Saed Al Awadi, Chief Executive Officer, Dubai Export Development Corporation.
“This mission seeks to build on the objectives achieved by the earlier mission including setting new goals and inviting new participants to Australia. The current mission is well represented by the leading companies and organisations in all the major areas of Islamic finance in the country,” Al Awadi added.
Through a series of well planned seminars in Sydney and Melbourne, the participants in the mission will demonstrate their capabilities in Islamic finance with the objective of supporting the growth of the Islamic finance industry in Australasia and identifying business opportunities.
“It is evident from the events over the last few years that Islamic finance is one of the fastest growing areas and is expected to continue to grow further. Islamic finance has made substantial inroads in the global financial arena, thus attracting non‐Muslims as customers and investors to its unique features” furthered Al Awadi.
Australia is keen to support the growth of Islamic finance locally since it intends to retain its status as a major international financial centre offering conventional and Islamic finance. A number of legislative steps have already been taken to support the growth of the Islamic finance industry in Australia.
Among the companies joining in the mission are Noor Islamic Bank; Noor Takaful and Export Credit Insurance Company of the Emirates; Noor Investment Group; Yasaar Media; Amanie Islamic Finance and Yasaar Limited; IslamicAdvisory.com; NASDAQ Dubai as well as businesses from the Dubai International Financial Centre.