The Dubai Chamber of Commerce and Industry recently held a workshop on the various structures and technicalities surrounding Islamic financial practice.
Dubai’s leadership is pushing numerous initiatives intended to build Emirates up into the center of the global Islamic economy, and one of the biggest components of that goal is growing the Shariah-compliant financial sector.
The Chamber organized the workshop in collaboration with the Allen & Overy LLP law firm to explain the legal intricacies of Shariah-compliant financial structures. The workshop was entitled “Structuring Islamic Finance Transactions” and was held at the Chamber’s head office.
The event was well attended, drawing a cross-section of Dubai business leaders, bankers, lawyers, investors, corporate counsels and investment advisory professionals.
Attendees had the opportunity to get background on the most common Islamic financial transactions, structures and investment vehicles. The workshop explained Mudaraba, Ijara, Istisna’a, Musharaka and Sukuk transactions.
Jehad Kazim, Dubai Chamber director of Legal Services, said that Islamic finance is sparking interest outside the Middle East, which makes it even more important for Dubai to build up investment infrastructure.
“The workshop has come at a time when there is heightening interest by countries like Britain, China, Hong Kong, the African continent and others who are looking at the liquidity in the Middle East as well as the South East Asian investors’ interest in knowing the Islamic finance structure,” Kazim said.
