Q What role is the DIFC playing in supporting the vision of Dubai as a global hub for Islamic finance? A Earlier this year, Dubai overtook other international financial centres to become the world's leading hub for the multi-billion dollar sukuk trade. A major focus of DIFC's 2024 growth strategy, which was announced in June this year, is to position Dubai as the centre of choice for the Islamic finance sector. The fact that DIFC regime has incorporated Islamic finance products and services since 2005 offers a solid basis for the realisation of this strategic plan. The centre already hosts Islamic banks, offers Islamic re-takaful (reinsurance) products and Islamic funds. We are promoting the Islamic financial sector through a sharia-com-pliant systems model which clearly defines the roles of the regulator, institutions and scholars, combined with regulations and practices that reconcile internationally accepted standards with adjustments that reflect the nuances of Islamic finance. DIFC has implemented all the necessary laws and regulations needed to host Islamic finance within its operations. The Centre has been an important facilitator in promoting Islamic finance globally through its commitment to Islamic finance as demonstrated by the creation of the DIFC Islamic Finance Advisory Council (IFAC), which aims to take on the real issues facing the Islamic financial services industry.
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