Shuaa Capital launches Islamic window through Gulf Finance Corp.
- United Arab Emirates: Tuesday, January 15 - 2013 at 14:22
Gains in shares of Emaar Properties (up 1.2%) and Tabreed (4.73% higher) which were the most liquid stocks Tuesday failed to uplift the Dubai market index, closing off 0.07% at 1,734.62 points. Shuaa Capital ended a roller-coaster trading day slightly lower at Dhs0.572. Earlier in the day, Shuaa, the UAE's oldest investment bank founded in 1979, said its wholly-owned subsidiary Gulf Finance Corporation has engaged with the UAE Central Bank for a license to establish an Islamic Window for some of its financing activities. Shuaa plans to increase Shari'ah-compliant financing for small and medium enterprises (SMEs) in particular. This move was in line with the initiative of Dubai ruler, UAE Vice President and UAE Prime Minister H. H. Sheikh Mohammed Bin Rashid AL-Maktoum to transform Dubai into the global center for Islamic economics. "We expect SMEs, the backbone of the UAE economy, to benefit from this important initiative," said H. H. Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of Shuaa Capital and Chairman of Gulf Finance. He added that "SMEs represent over 50% of the country's GDP, 80% of employment, and account for over 90% of non-oil exports but only receive around 4% of bank lending, it will be important to their growth to facilitate access to more Sharia-compliant financing." Over the last decade Gulf Finance has provided over Dhs3bn in finance to SMEs within the UAE, said Shuaa.
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