Abdulla Al Awar, chief executive of the Dubai Islamic Economy Development Centre, gives the keynote at the launch of a white paper on the outlook for Islamic finance by EIIB-Rasmala investment bank in the DIFC yesterday. Antonie Robertson / The National
Abdulla Al Awar, chief executive of the Dubai Islamic Economy Development Centre, gives the keynote at the launch of a white paper on the outlook for Islamic finance by EIIB-Rasmala investment bank inShow more

Sharia-compliant UAE pension scheme gets backing



A Sharia-compliant UAE pension scheme would be a major boon to the country's Islamic asset management industry, Islamic finance experts said.

The Islamic asset management industry, mostly based in Saudi Arabia and Malaysia, has about US$60.7 billion in assets under management.

But the global pensions industry manages assets exceeding $30 trillion, and virtually none of this business is directed towards Sharia-compliant asset managers.

A report from the European Islamic Investment Bank, or EIIB-Rasmala, yesterday claimed that about half of the funds that would otherwise be directed towards the UAE’s asset management industry went offshore instead.

“Most GCC nationals lack the opportunity to choose whether their pension should be invested in a conventional or Sharia-compliant manner,” the report said. “Developing a robust pension industry in the GCC, centred around Dubai as an asset management hub, would allow substantial growth in the Islamic asset management industry.”

Bashar Al Natoor, the global head of Islamic finance at the credit ratings agency Fitch, said government support was necessary for the industry to flourish.

“The growth of Islamic banks, initially, came when the government pushed for them and supported them,” he said. “When you have government-mandated demand in asset management, you will get more variety, selection and sophistication in the product offering. But you need the demand for the industry to flourish.”

Sayd Farook, a projects adviser at the Dubai Islamic Economy Development Centre (DIEDC), said the UAE needed to enact regulation to facilitate “inward investment of pensions, as opposed to letting that capital drain out of the country”.

Pension reform, where institutions are mandated to invest in domestic pension funds, would really help the asset management industry, he said.

“There’s a lot of capital flight, whether it’s expats investing back home or investment agencies looking for returns abroad, and the way you can stem that tide is to manage that capital locally,” said Mr Farook. “This is the right time to think about [pension reform]. This is a great way to start redirecting money towards the needs of the asset management industry and the needs of the local financial services industry.”

abouyamourn@thenational.ae

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Brief scores:

Liverpool 3

Mane 24', Shaqiri 73', 80'

Manchester United 1

Lingard 33'

Man of the Match: Fabinho (Liverpool)

MATCH INFO

Uefa Champions League, last 16, first leg

Tottenham Hotspur v Borussia Dortmund, midnight (Thursday), BeIN Sports

Jewel of the Expo 2020

252 projectors installed on Al Wasl dome

13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas

550 tonnes of moulded steel were raised last year to cap the dome

724,000 cubic metres is the space it encloses

Stands taller than the leaning tower of Pisa

Steel trellis dome is one of the largest single structures on site

The size of 16 tennis courts and weighs as much as 500 elephants

Al Wasl means connection in Arabic

World’s largest 360-degree projection surface

Long Shot

Director: Jonathan Levine

Starring: Charlize Theron, Seth Rogan

Four stars

Profile of Foodics

Founders: Ahmad AlZaini and Mosab AlOthmani

Based: Riyadh

Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

While you're here

KEY HIGHLIGHTS

Healthcare spending to double to $2.2 trillion rupees

Launched a 641billion-rupee federal health scheme

Allotted 200 billion rupees for the recapitalisation of state-run banks

Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets

MATCH INFO

Europa League final

Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports

Nancy 9 (Hassa Beek)

Nancy Ajram

(In2Musica)

The biog

Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."

Favourite author: Malcom Gladwell 

Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

The Sheikh Zayed Future Energy Prize

This year’s winners of the US$4 million Sheikh Zayed Future Energy Prize will be recognised and rewarded in Abu Dhabi on January 15 as part of Abu Dhabi Sustainable Week, which runs in the capital from January 13 to 20.

From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

UAE - India ties

The UAE is India’s third-largest trade partner after the US and China

Annual bilateral trade between India and the UAE has crossed US$ 60 billion

The UAE is the fourth-largest exporter of crude oil for India

Indians comprise the largest community with 3.3 million residents in the UAE

Indian Prime Minister Narendra Modi first visited the UAE in August 2015

His visit on August 23-24 will be the third in four years

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016

Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017

Modi will visit Bahrain on August 24-25

RESULTS

Mumbai Indians 181-4 (20 ovs)
Kolkata Knight Riders 168-6 (20ovs)

Mumbai won by 13 runs

Rajasthan Royals 152-9 (20 ovs)
Kings XI Punjab 155-4 (18.4 ovs)

Kings XI Punjab won by 6 wickets

The details

Heard It in a Past Life

Maggie Rogers

(Capital Records)

3/5

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
RESULT

Manchester United 2 Burnley 2
Man United:
 Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')

Man of the Match: Jesse Lingard (Manchester United)

MATCH DETAILS

Liverpool 2

Wijnaldum (14), Oxlade-Chamberlain (52)

Genk 1

Samatta (40)

 

Klopp at the Kop

Matches 68; Wins 35; Draws 19; Losses 14; Goals For 133; Goals Against 82

  • Eighth place in Premier League in 2015/16
  • Runners-up in Europa League in 2016
  • Runners-up in League Cup in 2016
  • Fourth place in Premier League in 2016/17
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
The%20Boy%20and%20the%20Heron
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EHayao%20Miyazaki%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%C2%A0Soma%20Santoki%2C%20Masaki%20Suda%2C%20Ko%20Shibasaki%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E5%2F5%3C%2Fp%3E%0A
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Selected fixtures

All times UAE

Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm

Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm

Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm

Sunday
Poland v Italy 10.45pm

Monday
Spain v England 10.45pm

Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5