The UAE strengthens its forefront in Islamic finance globally after CoronaTruth Consultancy
Reda Mosallam, partner and general manager of the “Truth” economic and management consultancy, said that the UAE and Dubai have declared that it is the capital of the Islamic economy, which is an economy as we know that depends on the instructions of the tolerant Sharia and adopts indicators such as murabahah.
He explained that the UAE issued to that position to be the capital of the world for the Islamic economy was not overnight, as it started since the seventies of the current century, when it developed legislation for the field of Islamic banking, indicating that it is as a result of the accumulated experiences of banks in the country and with the assistance of the Islamic Development Bank for excellence in The field of finance for all economic fields The UAE has been distinguished as a leading country in this field.
He indicated that targeting the state to develop legislation in the field of Islamic economics, especially the requirements for financing operations, enhances the role of the UAE in the same field in light of finding permanent solutions commensurate with modern economic developments. He pointed out that Islamic finance always fills the deficit that other types of financing, such as commercial financing or international financing, do not provide to meet the requirements of all economic sectors.