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The Changing Face of Banking in Dubai

Posted on 30th May 2015 by Matthew Pendrey , Matthew.Pendrey@rbs.co.uk

The Changing Face of Banking in Dubai

By Matthew Pendrey

Assistant Director at The Royal Bank of Scotland

 

Cast a glance at the Dubai skyline and look beyond the obvious glitz, glamour and grandeur, and far more subtle shift is occurring; a fundamental change in the banking system. 7,000km away from the domination of Citigroup and HSBC across the London horizon, Dubai's skyline is peppered with offices to serve Shari'ah principles; namely the 'Islamic Bank Office Tower', and the 'Islamic Bank Residential Tower'. These 250m-300m behemoths epitomise the rise, importance and growing preponderance of Islamic Banking and Finance.

This cataclysmic shift is further evidenced through a ride on the Dubai Metro, with a central, integral stop named, Noor Islamic Bank. Indeed, one cannot stroll through the world famous Dubai Mall without noticing branches including Dubai Islamic Bank, Emirates Islamic Bank and Al Hilal Bank.

From skyscrapers to metro stations, to shopping malls, Islamic Banking and Finance is creating an indelible impression across the commercial and cultural fabric of Dubai.

 

Posted on 30th May 2015 by Matthew Pendrey


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