Dubai Chamber of Commerce and Industry called upon Azeri businesses to invest in Dubai’s Islamic finance sector in light of the emirate’s vision of becoming the capital of Islamic economy as well as to benefit from the city’s attractive investment environment during a roundtable discussion on “Islamic Finance” held in the Azeri capital Baku recently.
The roundtable, which was attended by representatives of leading banks, the Central Bank, advisory companies, and other stakeholders, provided an overview of the Dubai Chamber, its international initiatives, including ProDubai, and support of the financial services industries in Dubai and MENA through various platforms and a partnership with the ICC Regional Banking Commission MENA.
The meeting also focused on Dubai’s extensive experience in the area of Islamic finance, and how Azeri companies can benefit from the emirate’s lead role in promoting the overall Islamic economy.
Hassan Al Hashemi, Vice-President, International Relations, Dubai Chamber, stated that the objective of the roundtable was to bring to the attention of the Azeri businesses Dubai’s capability, vision and experience in the area of Islamic economy as well as the emirate’s status as an advanced global business hub.
Al Hashemi invited Azeri businesses to collaborate with UAE companies due to their extensive expertise and experience in the field of Islamic finance which has proved its strength and resilience during the global financial crisis as he assured them of the Baku representative office’s support in strengthening cooperation ties between the business communities of Dubai and Azerbaijan.
Al Hashemi called upon Azeri businesses to participate in the 10th session of the World Islamic Economy Forum (WIEF) organised by Dubai Chamber this November in the emirate. Hosted for the first time in the region, the forum is expected to be attended by over 2,500 delegates from across the world as it helps businesses explore investment opportunities, and policy-makers and thinkers to discuss the ways to benefit from the growth of Islamic economy, as well as the subsequent demand for Islamic products.
The participants discussed the importance of developing an appropriate legislative framework to support the growth of Islamic banking in the country.
They called for raising consumer awareness and education in Islamic finance, and to share experience with leading global Islamic finance centres like Dubai.
The high level of liquidity in the MENA region can be channelled to support the development of Islamic banking and the general economic growth in Azerbaijan, they added.
Participants discussed potential partnerships with Dubai in the field of Islamic finance as Azerbaijan has a predominantly Muslim population, a strategic location, a developed private sector, a great reputation with leading global Islamic finance institutions, and decades of successful economic and business relationships with CIS countries.
Dubai Chamber’s representative office in Baku promotes UAE investment opportunities for Azeri companies looking to set up businesses in Dubai while also looking for expansion of their trading activities in the region. It also highlights the potential of the Azerbaijan market and its surrounding areas, especially in transport and logistics, construction, tourism, agriculture and other important sectors for Dubai businesses. The office holds regular seminars and roundtables which provide an ideal platform for interested parties to discuss opportunities for bilateral cooperation.