The Finance World Magazine| Edition: November 2023

UAE Banking News
Global Islamic
Banking Assets Surge
to $4T and Poised for
Growth
Global Islamic banking assets
have surged to a substantial
$4T, as reported by the
Al Huda Centre of Islamic
Banking and Economics. This growth
comes at a time when ethical and
sustainable finance is taking center
stage in the global financial landscape,
and the Islamic banking and finance
sector is increasingly recognized for its
responsible financial practices. Major
financial markets are acknowledging
the potential of Islamic finance in
addressing the challenges of eradicating
extreme poverty and fostering
shared prosperity. The industry’s
assets reached the $4T mark in 2023,
and it is expected to maintain a compound
annual growth rate (CAGR) of
10 percent in the forecast period.
Emirates NBD Unveils Digital Wealth Platform for
Securities and ETF Trading
Emirates NBD, Dubai’s largest
bank, has introduced a
digital wealth platform enabling
customers to engage
in securities and exchange-traded
fund (ETF) trading across both local
and global exchanges. The platform
offers access to a diverse portfolio
of over 11,000 global equities and 150
regional equities, facilitating trading
on domestic exchanges like the Dubai
Financial Market, Abu Dhabi Securities
Exchange, and Nasdaq Dubai, as well
as international markets, including
the New York Stock Exchange, Nasdaq,
and London Stock Exchange.
Integrated into the ENBD X mobile
application, this initiative aligns with
Emirates NBD’s mobile-first strategy,
leveraging advanced cloud technologies
to ensure user safety and security.
Saudi Fund for Development Inks MoU with Asian
Development Bank
The Saudi Fund for Development
(SFD) Chief Executive
Officer, H.E. Sultan Al-Marshad,
signed an essential
Memorandum of Understanding (MoU)
with the President of the Asian Development
Bank (ADB), H.E. Masatsugu
Asakawa. This MoU, signed on the
sidelines of the 2023 World Bank
Group - IMF Annual Meetings in Marrakech,
Morocco, marks a significant
stride in their strategic partnership.
Its objective is to promote collaborative
initiatives that advance social
and economic development in ADB
member countries in Asia and the
Pacific. The agreement underscores
their joint commitment to supporting
sustainable development aligned with
the UN Sustainable Development
Goals and enhancing the global development
system. The MoU focuses
on development activities in Asia
and the Pacific, strengthening capacities
to meet international needs,
and facilitating knowledge-sharing to
maximize institutional efficiency and
development impact.
UAE Engages in World Bank and IMF Meetings in Marrakech
The United Arab Emirates,
represented by the Ministry
of Finance, has announced
its active participation in the
Annual Meetings of the International
Monetary Fund (IMF) and the World
Bank Group (WBG) scheduled to take
place in Marrakech, Kingdom of Morocco,
from October 9 to 15, 2023. His
Excellency Mohamed bin Hadi Al Hussaini,
Minister of State for Financial
Affairs, will lead the UAE delegation,
which comprises prominent officials
such as His Excellency Younis Haji Al
Khoori, Undersecretary of the Ministry
of Finance, and His Excellency
Ebrahim Al Zaabi, Assistant Governor
for Monetary Policy and Financial
Stability at the Central Bank of the
UAE, along with several experts from
the Ministry of Finance and the Central
Bank of the UAE. The UAE delegation’s
agenda includes participation in
key meetings and committees such as
the World Bank Group Development
Committee, the G20 Finance Ministers
and Central Bank Governors meeting,
the Annual General Meetings, and
interactions with regional and international
financial institutions.
12 www.thefinanceworld.com November 2023