When we talk about the Islamic banking in UAE it is completely different from the traditional or we can cay that from commercial banking system. If we see the past it was established in 1970’s, UAE imposed strong foot print in the different industries and became a point of attraction for big players of Global business sector with the help of banking sector. Well first of all we will see the UAE Financial Sector which is now a days is a strong sector in the world. The actual exports of UAE are almost equal to the total budget of the India and Pakistan. Financial sector is the most important sector of UAE, 60 percent economy of UAE is based on it.
With addition of Islamic banking in UAE, the economy gets reboots with a strong speed. If analyze the economy of UAE before 1970’s all the economic transactions were controlled by conventional banking. But today banking sector of Dubai are very much involve in the Islamic banking in UAE by covering 90 percent of the whole financial sector. But gradually after 1970’s a new concept was been evolved and it changed the complete view of the banking sector of Dubai at 180 angle and whole global financial industry which also effected the financial sector of UAE. This concept is known as Islamic banking in UAE. The reason behind the Islamic banking in UAE popularity is that it doesn’t help only one people, rather it benefits the society as a whole. There is no interest rate in the Islamic banking system and it is complete different from conventional banking system at all and in all aspects. So first of all we all should have an idea about the basic concept of Islamic banking in UAE. Let’s discus how the concept of Islamic banking in UAE was introduced? The concept of Islamic banking in UAE was introduced in 1970 by Mashreq Al Islami. The idea of Islamic principles and Shariah based banking given by Mashreq Al Islami bank was so successful that it laid the foundation of new banking system in UAE and all-round the globe in the form of Islamic banking in UAE. Now this system is very much popular in Dubai and in all Middle East. Majority of the population in Dubai prefer Islamic banking for all type of services. Soon after the popularity of Dubai Islamic bank, Islamic financial achieved many other targets in the form of another international Islamic development with the collaboration of Saudi Arabia and UAE. With this collaboration Islamic banking has flourished very fast and now a days what we see is the real picture of Islamic banking in UAE. The most important point in Islamic banking in UAE is the fast Development in Islamic Financing due to investors from all over the world. Most of the high net worth individuals as well as the multinational corporation are interested in Islamic banking in UAE due to no interest rate factor. Different products and solutions were suggested by leading financial scholars which helped this concept to expand the horizon of Islamic banking and therefore takaful solutions, shariah compliant management, ijara and Islamic loaning system are the initial development in this area. Today, Islamic banking in UAE has capture a total 25% market share in UAE Financial sector. When we observe the Future of the Islamic banking we see that I has a bright future in the near future due to its vast investment projects all over the world. UAE is a country recently coming out of the economic crisis with the help of its banking sector. Now it is trying hard to boost the growth in every sector and especially financial sector which is the heart of Economy. Now the medium sized business are very much popular in Dubai as investments are easily available for this purpose. Beside this Mashreq Al Islami bank provide all type of Islamic banking solutions for locals and expatriates to manage their banking tasks in a proper Islamic way. For further details about the Mashreq Al Islami one can visit the official website of the bank as complete detail is available for all.
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