EMIRATES BUSINESS 24/7: Dow Jones Indexes has opened its first office in the region in Dubai. While the office will promote all the company's indexes, attention is likely to be given to the Dow Jones Islamic Market Indexes, which were launched in 1999. The Dubai office will target investment banks, asset managers, fund managers and exchanges across the region. Sumeet Nihalani, senior director for Asia Pacific and Middle East, spoke to Emirates Business about what Dow Jones Indexes hopes to achieve from its presences in the region and the general outlook for Islamic banking.
Why has Dow Jones Indexes decided now is the time to establish a new presence in the Middle East?
We have been in the Islamic market and business index for a long time. But we have been growing our business with the licensees in the Middle East. As this business grew, it was important to have somebody in terms of proximity to be able to efficiently and in a timely manner to serve and support potential clients. We have seen a lot of growth in the Middle East – mainly in GCC countries. And we have seen a lot of growth in the Middle East around Islamic index opportunities. It is important to have somebody on the ground to see what are the emerging trends. And to see how we can fit our competence with local knowledge and understanding to the local market place to create more products or different products.
What are the challenges facing Islamic financial banking?
I would like to use the word opportunities rather than challenges. I do think there are a number of opportunities. As a lot of banking and financial professionals engage themselves with Islamic finance activities, they are able to create new products and services that can be [useful] across regions. And they can address the different aspects of Islamic finance in insurance, mortgages, etc. Our office has given us a good opportunity to contribute to this and bring our global experience to Dubai and the region in similar services in this market place. Also, the members of our Sharia board who provide Islamic Finance expertise to Dow Jones Indexes and provide the Sharia rules that we apply to our index components are located here. Targeting Opportunities in UAE >>> By Rami Eljundi | April 29, 2008
The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)
