Giyas Gokkent

Dubai to be capital of Islamic economy

The Dubai Government is set to create a comprehensive platform of Islamic economy products and services, thereby strengthening its position as a global centre for Islamic economy. The initiative includes standardization and regulation of Islamic products, services and practices. Thus, Islamic economy will become stronger and independent from conventional and interest-based financial practices. As a regional business and trade centre, the UAE already has world class ‘hard’ infrastructure. According to Chief Economist of National Bank of Abu Dhabi Dr. Giyas Gokkent, now the ‘soft’ infrastructure will be added thanks to the initiative, this way encouraging and attracting Sharia compliant activity in various services and industries.

NBAD plans first ETF

National Bank of Abu Dhabi (NBAD) plans to launch the Middle East’s first exchange-traded fund to try to attract more international investors. The fund, known as an ETF, will be listed on the Abu Dhabi Securities Exchange (ADX) in two months, a senior NBAD official said. It will be licensed by a leading global index provider and will track some of the Gulf’s 50 biggest stocks, said Giyas Gokkent, NBAD’s co-head of asset management and chief economist.

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