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DIFC Positions Itself As A Global Islamic FinTech Hub

by Lorys Charalambous, Lowtax.net, Cyprus
12 July, 2017

The Dubai International Financial Centre has signed a memorandum of understanding with the Dubai Islamic Economy Development Centre to collaborate in establishing Dubai as the global hub for Islamic FinTech.

The agreement includes an initiative to mentor participants in the field of Islamic Finance technology in conjunction with institutions such as Emirates Islamic Bank, Dubai Islamic Bank, and Abu Dhabi Islamic Bank. It follows the establishment of a FinTech accelerator program, FinTech Hive, earlier in the year by the DIFC.

Arif Amiri, CEO of the DIFC Authority, said: "With the global Muslim population expected to grow by 73 percent between 2010 and 2050, there will undoubtedly be a subsequent increase in the demand for Islamic Finance services both in the region and beyond. We are continuously investing in our world-class ecosystem at DIFC and that includes an infrastructure that is compliant and in line with best practice for Islamic Finance institutions... This MoU is an important and progressive step for FinTech, for the Islamic economy, and for FinTech Hive at DIFC."

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