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UAE is leading hub for Islamic finance: FTSE Russell CEO

Fiona Bassett, CEO of FTSE Russell, part of the London Stock Exchange Group, highlighted the UAE's leading role as a beacon of financial innovation in the Middle East and its position as a leading centre for Islamic finance. “We're seeing growing investor interest, both domestic and international, driven by the region's expansion. This reflects the growing importance of the UAE on the global stage,” Fiona Bassett said in a statement to the Emirates News Agency (WAM) on the sidelines of the launch of the FTSE ADX 15 Islamic Index (FADXI15). “This latest launch provides focused exposures, to the top 15 Shari'ah-compliant companies, within Abu Dhabi," she added. According to the Islamic Finance Development Report 2023, the global Islamic finance industry experienced substantial growth, with assets rising by 11 percent in 2022 to reach US$4.5 trillion, Islamic banking constituting 72 percent of this total. Since 2012, the industry has grown by 163 percent and is expected to expand to $6.7 trillion by 2027.