DIFC To Promote Islamic Finance In OECD Countries

by Lorys Charalambous, Tax-News.com, Cyprus

12 June 2006

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, reflecting the growing demand for innovations in Islamic Finance, one of the key sectors of focus for DIFC.

“We are committed to the development of Islamic finance, one of the fastest growing sectors in the financial industry," commented Dr Omar Bin Sulaiman, Governor of the DIFC.

"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," he added.

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 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.

Rushdi Siddiqui has been with Dow Jones Indexes 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.

"The DIFC platform can have deep and meaningful impact on the 57 OIC (Organisation of Islamic Conferences) and OECD countries wherein Islamic finance has tremendous potential," he commented.

"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," he noted.

Rushdi Siddiqui joins a seven-member council led by Aref A. Al Kooheji, EVP, Dubai Islamic Bank, which 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.

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