Islamic Finance.
Where traditional banking meets the future of Islamic finance.
DIFC offers an ideal base to serve the Islamic finance industry, with leading market access and a supportive business environment.
Most activity in the Islamic finance sector takes place in the Middle East, Africa, and South Asia (MEASA) region plus Malaysia and Indonesia. This broad geography is ideally served from DIFC, with companies well placed to capture opportunities as this market develops.
The Centre offers finance companies a world-class legal and regulatory system. The regulated environment has a regime specifically designed to support both Islamic financial services firms and conventional firms operating Sharia-compliant windows.
Islamic financial services set-up and operation is well supported in DIFC, with well-developed regulation and other initiatives.
DFSA manages the Islamic Finance Regulatory Regime. Under this regime, firms should have a Sharia supervisory board comprised of at least three competent scholars. Firms should also comply with the standards and principles of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB).
Firms also benefit from DIFC’s cooperation with the Dubai Islamic Economy Development Centre. This body is working to realise Dubai’s vision to be at the centre of the global Islamic economy, and firms in DIFC are kept in touch with opportunities and developments in the global sector.
3 easy steps to start setting up your business
Step one.
Submit LOIFirst step is to provide DIFC with letter of intent (LOI).
Step two.
Obtain DFSA in-principle approvalSubmit Regulatory Business Plan (RBP) and application documents to DFSA, and obtain in-principle approval.
Step three.
SetupComplete the registration and incorporation process with ROC (including office setup, visas, bank accounts, etc.).
Once all conditions are fulfilled, DFSA grants a licence, and the entity may start the operations.
