DUBAI / WAM
A delegation from Dubai International Financial Centre (DIFC) participated in the UAE-Luxembourg Council for Cooperation and Development of Islamic Banking and Finance.
Aiming to strengthen DIFCâ€™s long-standing partnership with Luxembourg, the visit included engagements with industry experts to share insights on the sophistication and future of Islamic finance and the impact of FinTech.
FinTech has grown exponentially since 2011. In 2015, the FinTech industry saw a US$16.5 billion of funding with a 22.2% year on year funding growth. Some 26% of GCC Islamic banking customers use mobile banking services and 81% said they would switch banks for a better digital experience, according EY GCC Digital Banking Report 2015. Industry sources believe that FinTech solutions can close the service gap between conventional and Islamic banking and accelerate growth for smaller Islamic banks and new Islamic entrants to the market.
As a part of DIFCâ€™s participation in UAE-Luxembourg Council for Cooperation and Development of Islamic Banking and Finance, Ali Hassan, Senior Vice President of Business Development for London and Europe at DIFC spoke in a panel discussion on FinTech and Islamic Finance. Hassan highlighted DIFCâ€™s successful collaboration with Luxembourg for Finance to exchange best finance practices as well encourage the development of industry standards.
Building on the long-standing collaboration on Islamic banking and finance between the UAE and Luxembourg, the visit explored innovations and solutions that would help financial markets in the two countries maintain and grow their respective financial centres.