The Islamic finance industry in the country has begun a charm offensive to convince more governments, institutions and bank customers to adopt the Sharia-compliant finance.
“That’s a specific dialogue that we’re just beginning,” Neil Muller, the global head of Islamic finance at KPMG said. “Personally, I think it would be interesting to see these institutions raise funding Islamically, and I’ve begun that dialogue with them.”
It is learnt that some lenders have also begun seeking to develop greater levels of awareness of Islamic finance for the UAE?s youngest Al Hilal Bank, and are in talks with the Abu Dhabi Education Council to develop Islamic finance courses as a part of the?curriculum, said Mohammad Zaqout, Al Hilal’s head of retail banking.
“The industry has to get better at explaining what it does,” Muller said. “It’s not that the documents used are not clear and are not transparent. They are transparent, but it’s how you communicate that’s important,” he added.