A. Rushdi Siddiqui, Global Director of Dow Jones Islamic Market Index Group, has been appointed as member of the Dubai International Financial Centre’s Islamic Finance Advisory Council. His appointment to the council reflects the growing demand for innovations in Islamic Finance, one of the key sectors of focus for Dubai International Financial Centre.
The DIFC Islamic Finance Advisory Council was formed in December 2005 with the specific remit of providing strategic advice on Islamic Finance and helping in the development of the industry. The seven-member council includes executives and decision makers who provide expertise and insights into the Islamic Finance industry and marketplace. The members also forecast future trends, highlight the impact of the legal and regulatory initiatives locally and internationally on the Islamic Finance market within the DIFC.
Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre, commented: “We are committed to the development of Islamic finance, one of the fastest growing sectors in the financial industry. It is our strategic aim to involve leading authorities in the market and Rushdi Siddiqui is well known for his achievements in the development of Shariah compliant indexes. We look forward to working with him and developing an efficient and active international Islamic financial industry.”
Rushdi Siddiqui, commented: “I am honoured to join the Islamic Advisory Council at the DIFC. The DIFC platform can have deep and meaningful impact on the 57 OIC and OECD countries wherein Islamic finance has tremendous potential. Here, an opportunity exists for the first time to develop Islamic finance as part of the knowledge based economy and export it globally where it can best be utilized. I look forward to working closely with the esteemed members of the Council to implement the vision and the will of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai for Islamic Finance.”
Rushdi Siddiqui has been with Dow Jones Indexes, NY, since 1998 and has assisted in creating over 65 Islamic indexes. He works closely with six international Shari’ah scholars, promotes Islamic finance by presenting at conferences globally, and has won numerous awards for contribution to development of Islamic finance.
Rushdi Siddiqui joins a seven-member council led by Aref A. Al Kooheji, EVP, Dubai Islamic Bank, and includes Hussein Mohammed Al Meeza, managing director of Aman, Saad Abdul Razak, CEO Dubai Islamic Bank, Hussain Al Qemzi, CEO Sharjah Islamic Bank, Mohsin A Nathani, MD & CEO, Citi Islamic Investment Bank E.C, Iqbal Khan, CEO HSBC Amana Finance, and Abdul Wahid Al Ulama, Legal Consultant and Advocate, Al Tamimi & Co.
About the DIFC: The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just over one year, more than a hundred top international institutions have joined the DIFC as members. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae )
4. DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre’s investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre’s vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region’s first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkama- the first Institute for Corporate Governance in the region is being set up by a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org)
