Financial and regulatory leaders, Shari’ah scholars and industry experts examine financing, sukuk, cash waqf, innovation and governance in support of the Strategy’s objectives
Dubai, United Arab Emirates – September 2026: Al Masraf, in collaboration with the UAE Banks Federation, concluded its inaugural conference on “The Role of Financial Institutions in Implementing the UAE Islamic Finance and Halal Industry Strategy 2025 – 2031,” held at Grand Hyatt Dubai under the theme “From Legislation to Growth and Innovation.”
The conference focused on translating legislative and strategic frameworks into practical tools and initiatives across financing, investment, sukuk, technology, governance and cash waqf, to support implementation of the Strategy and strengthen integration between Islamic finance and the halal industry.
The conference was opened by H.E. Dr. Omar Alderei, Chairman of the General Authority of Islamic Affairs, Endowments and Zakat, in the presence of H.E. Abdulla Ahmed Al Saleh, Undersecretary at the Ministry of Economy and Tourism and H.E. Mohamed Omran Al Shamsi, Deputy Chairman of the UAE Banks Federation.
It brought together leading Shari’ah scholars; representatives of the Central Bank and regulatory authorities; senior executives from Islamic financial institutions; and specialists in awqaf, zakat, philanthropy, takaful, higher education and the media.
The conference aimed to strengthen the UAE’s position as a leading global hub for Islamic finance, highlight the UAE Strategy for Islamic Finance and the Halal Industry, and clarify the role of financial institutions in supporting and implementing it locally and internationally. It also explored how legislative and regulatory frameworks can be translated into innovative financial products and services that support the halal economy, alongside leading practices in Shari’ah-compliant project financing, financial innovation, FinTech, governance, transparency and risk management.
The conference took place as the UAE Islamic Finance and Halal Industry Strategy targets AED 2.56 trillion in local Islamic finance assets by 2031. Islamic banking assets in the UAE reached AED 1.4 trillion in June 2026, with 43 licensed Islamic financial institutions operating in the country, while the UAE ranked third globally in the 2025 Islamic Finance Development Indicator.
Strategic and Legislative Framework for Islamic Finance and the Halal Industry:
The first session was attended by H.E. Abdulla Ahmed Al Saleh, Undersecretary at the Ministry of Economy and Tourism, and was chaired by Sheikh Prof. Dr. Jassim Al Shamsi, Member of the Higher Shari’ah Authority at the Central Bank of the UAE, along with Sheikh Dr. Osaid Kailani, Head of International Shari’ah Affairs at Abu Dhabi Islamic Bank and Member of the Higher Shari’ah Authority at the Central Bank of the UAE; and Mr. Fuad Mohamed, Chief Executive Officer of Arab Bank for Investment and Foreign Trade.
The discussion focused on the UAE’s vision and strategic objectives for Islamic finance and the halal industry, together with the legislative, regulatory and Shari’ah frameworks supporting implementation, growth and innovation. It also addressed the importance of closer integration among regulators, financial institutions, the halal industry and philanthropy.
Participants highlighted the progress made in developing the UAE’s legislative environment for Islamic finance, alongside the importance of strengthening legal and Shari’ah certainty and further harmonising relevant standards and references. The discussion also considered how the country’s regulatory infrastructure can be leveraged more effectively to support product development, innovation, investment and growth in the real economy.
The Role of Financial Institutions in Growing the Halal Industry and Implementing the Strategy:
The second session was attended by His Eminence Sheikh Dr. Ahmad bin Abdulaziz Al Haddad, Chairman of the Higher Shari’ah Authority at the Central Bank of the UAE and Member of the UAE Council for Fatwa, and chaired by Mr. Ali Lootah, Head of Islamic Banking Window at Emirates NBD, along with Ms. Katralnada Binghatti, Chief Executive Officer of Binghatti Holding, and Mr. Ali Al Abedin, Head of Islamic Banking at First Abu Dhabi Bank.
The discussion explored the development of innovative Shari’ah-compliant financing and investment solutions, the role of financial institutions in financing halal-industry projects and businesses, and the importance of stronger partnerships among financial institutions, national entities, investors and the private sector.
Cash waqf featured prominently as an area with significant potential for further development within the Islamic finance ecosystem. Participants considered the need for clear institutional frameworks governing investment, disclosure and impact measurement, alongside closer collaboration among Islamic financial institutions, government entities, businesses and family offices.
The discussion also underscored the importance of strengthening the institutional role of waqf, improving the management and investment of waqf assets, preserving their long-term value and building greater confidence through transparency and measurable economic and social impact.
Sukuk, Innovation and Technology in Islamic Finance and the Halal Industry:
The third session was chaired by Mr. Mustafa Adil, Head of Islamic Finance at London Stock Exchange Group (LSEG), with the participation of Mr. Mohammed Dawood, Head of Islamic Finance, Middle East, HSBC; Dr. Salim Al Ali, Assistant Professor at the College of Law, United Arab Emirates University; and Mr. Rafi Uddin Shikoh, Founder and CEO of DinarStandard.
The discussion examined opportunities to deepen sukuk markets, broaden the investor base and strengthen Islamic capital markets, alongside the growing role of FinTech, digital transformation and innovative platforms in developing Islamic financial products and services.
It also considered how digital platforms and technologies can be linked more effectively to financing and investment opportunities across the halal industry, while maintaining an appropriate balance between innovation, Shari’ah and regulatory compliance, governance and risk management.
Governance and Risk Management – Building Trust and Sustaining Growth:
The fourth session was chaired by Dr. Samya Al Nahdi, Head of the Internal Shari’ah Control Department at Al Masraf, with the participation of Dr. Mohamed Al Blooshi, Executive Director for Awqaf and Zakat; H.E. Dr. Maria Al Qassim, Assistant Undersecretary for the Policies and Economic Studies Sector at the Ministry of Economy and Tourism; and Dr. Fazal Rahim, Head of the Internal Shari’ah Control Department at Ajman Bank.
The discussion focused on governance, Shari’ah supervision, risk management and transparency as key pillars for strengthening confidence and sustaining the growth of Islamic finance, while considering how institutions can balance innovation and expansion with Shari’ah and regulatory requirements.
It also extended to emerging risks associated with accelerating digital transformation, including artificial intelligence and automated decision-making, digital assets and smart contracts, cybersecurity and third-party risks, alongside the importance of stronger transparency and customer protection.
Participants explored practical approaches including the integration of Shari’ah non-compliance risk into enterprise risk management, the development of a Shari’ah Risk Appetite, earlier involvement of Shari’ah control functions in product development, and the use of early-warning indicators and regulatory technology to strengthen monitoring, compliance and traceability.
In relation to waqf, the discussion considered the development of more integrated models linking governance, risk management, data and impact measurement, as well as the role of financial institutions in structuring, operating and managing waqf-related products.
Global Islamic Finance Assets Projected to Reach USD 10.5 Trillion by 2030:
Mr. Mustafa Adil, Head of Islamic Finance at London Stock Exchange Group (LSEG), also provided an overview of the development of the global Islamic finance industry and the UAE’s position within the sector, highlighting trends across assets, sukuk and sustainable finance.
Mustafa Adil noted that global Islamic finance assets reached approximately USD 6.5 trillion in 2025, compared with around USD 2.5 trillion in 2018, and are projected to reach approximately USD 10.5 trillion by 2030, reflecting the continued expansion of the industry worldwide.
He added that Islamic finance assets in the UAE reached approximately USD 532 billion in 2025, compared with around USD 251 billion in 2018, more than doubling over the period. Banking accounts for the largest share of Islamic finance assets in the UAE, followed by sukuk, funds, other Islamic financial institutions and takaful.
He also highlighted the breadth of the UAE’s Islamic finance ecosystem, supported by its governance and institutional frameworks, Shari’ah oversight and disclosure practices, as well as a growing base of education, research and specialised industry activity.
On sustainable finance, he pointed to the rapid growth of ESG sukuk in the UAE, rising from approximately USD 1.8 billion in 2020 to USD 18 billion in 2025, while the global market reached around USD 73.2 billion. The UAE accounted for approximately 24.6% of the global ESG sukuk market, while its ESG disclosure index stood at 83%, compared with a global average of 63%.
Commenting on the discussions across the conference, Fuad Mohamed, Chief Executive Officer of Al Masraf, said:
“The discussions at the conference reinforced that the next phase must move beyond building frameworks and strategies towards developing implementable products, instruments and partnerships that support growth and investment and connect finance more closely with the real economy. The UAE has built an advanced legislative and regulatory foundation, alongside a financial ecosystem capable of translating these opportunities into practical initiatives across Islamic finance, sukuk, technology and the halal industry.”
He added: “At Al Masraf, we believe the role of financial institutions goes beyond providing financing. It extends to developing innovative financing and investment solutions, enabling high-potential sectors and strengthening partnerships among financial institutions, regulators, government entities and the private sector. We believe the ideas and proposals discussed at the conference can contribute to advancing implementation of the Strategy’s objectives and further strengthening the competitiveness of the sector.”
Key Conference Outcomes and Recommendations:
- Strengthening coordination and partnerships between regulatory authorities, financial institutions and the private sector to support the implementation of the UAE’s Islamic Finance and Halal Economy Strategy.
- Expanding the role of Islamic financial institutions in financing priority sectors, while supporting SMEs, trade and the real economy.
- Further developing the sukuk market and facilitating access to it, while enhancing efficiency, governance and compliance with Sharia principles.
- Accelerating innovation and leveraging digital platforms and emerging technologies to develop more efficient and accessible products and services.
- Strengthening the UAE’s position as a global hub for Islamic finance and the halal economy through innovation, partnerships, talent development, and the development of solutions that can be scaled globally.
Organised by Al Masraf in collaboration with UAE Banks Federation, the conference provided a specialised platform bringing together stakeholders from across the financial, investment, Sharia and technology ecosystems. It supported dialogue on translating the priorities of the UAE Islamic Finance and Halal Industry Strategy into practical initiatives, products and partnerships, while strengthening the role of financial institutions in supporting growth, driving innovation and delivering sustainable impact.
About Al Masraf:
Founded in 1976, under Federal Decree No. 50, signed by His Highness Sheikh Zayed Bin Sultan Al Nahyan, Al Masraf (Arab Bank for Investment & Foreign Trade) is a trusted UAE financial institution with a distinguished legacy of supporting trade, investment and economic development. Built on long-standing relationships, deep market expertise and a commitment to personalised service, the Bank serves corporations, businesses, individuals and families through tailored financial solutions designed to meet their evolving needs.
Guided by its promise of “Empowering Future Legacies,” Al Masraf is advancing a new phase of growth focused on deepening client relationships, enhancing banking experiences and delivering future-ready financial solutions. As a progressive, connected and trusted financial partner, the Bank combines proven expertise with responsible innovation to create lasting value for clients, support sustainable prosperity and contribute to the UAE’s long-term economic ambitions.
The bank offers a comprehensive range of services, including Consumer Banking, Corporate Banking, Islamic Banking, and Treasury solutions, contributing to regional economic growth.
