Malaysia can lay claim to be the center of the world's global Islamic economy, but the United Arab Emirates (UAE) is hot on its heels, according to new research.
The "State of the Global Islamic Economy Report 2018/19," commissioned by the Dubai Islamic Economy Development Centre (DIEDC) and produced by Thomson Reuters, shows a narrowing gap between the two hubs. The Islamic economy is the Muslim-majority countries that have financial sectors and economies which comply with Islamic law.
Malaysia's lead is supported by its dominant Islamic finance ecosystem, but the UAE (which consists of seven seven emirates including Abu Dhabi and Dubai) is making progress to narrow the gap, according to the man tasked with that job.
Islamic banking penetration is on the rise, notably in the UAE, attracting interest from Muslims and non-Muslims alike for its focus on socially-responsible practices and investments.
"Dubai is making tremendous strides in boosting the Islamic economy through the growing activity in all areas of Islamic finance," said Hamed Ali, CEO of NASDAQ Dubai
Via: CNBC - https://www.cnbc.com/2018/11/06/malaysia-dominates-islamic-economy-but-the-united-arab-emirates-close-the-gap.html