During the Forum on Islamic Securities Markets
The Emirates Securities and Commodities Authority (SCA) has held in Abu Dhabi and Dubai awareness forum on "Islamic Securities Markets". Dr. Obaid Al-Za'abi, Advisor on Research and Director of the Department of Research and Development at the SCA, made a presentation at the forums.
Dr. Al-Za'abi said Islamic financial service had expanded to accommodate more than 200 establishments in more than 75 countries of the world, with dividend ranging between 15% to 20% in 2008, while the Sukuk markets have also witnessed annual growth at an average of 40% at a total value of US$80 billion by the end of 2008, adding that Islamic assets reached US$1.4 trilling, while the volume of Islamic finance stood at US$700 billion.
"At the securities market level, Sharia-compliant company stocks represent 88% of stocks listed on the Malaysian market, while the market value of Dow Jone's Islamic securities markets index reached more than US$20 trillion", Dr. Al-Za'abi explained, adding that Islamic investment funds also achieved an average dividend of about 29% at the GCC level.
Dr. Al-Za'abi said there was the need to tap the Malaysian experience in setting up and organizing Islamic securities markets and in probing for more investment opportunities that would serve the interest of investors and other major players in the region, particularly in the light of the conducive climate and other advantages the UAE boasts of, including its exemplary banking system which boasts of advanced services facilities. He also cited the UAE's easy and international standards bank transfer services, its local and foreign investment-friendly climate, the country's strategic economic location, being a link between the Asia, Africa and Europe, its investment-friendly laws and regulations which protect the rights of all and the low services fees and taxes.