Will the new Dubai International Financial Exchange fulfil the vision of its creators to become hub for the region? Omar bin Sulaiman, director general of the Dubai International Financial Centre, talks to Stephen Timewell.The Dubai International Financial Exchange (DIFX), which was due to open on September 26, is an ambitious attempt to become the leading exchange between west Europe and east Asia.
As demand for Islamic banking grows and investors flush with liquidity seek to invest in Pakistan, big mainstream banks are strengthening their sharia-compliant offerings and opening dedicated branches.Farhan Bokharireports from Islamabad.Syed Ali Raza, president of the National Bank of Pakistan, is reminded of his bank’s increasing involvement in Islamic banking as he drives in to his office premises every morning.
Israel’s biggest financial institution, Bank Hapoalim, announced on September 13 that it had signed a memorandum of understanding to acquire a 50% share in Turkey’s C Kredi ve Kalkinma Bankasi (C Bank) for $113m, with the aim of breaking into the lucrative Turkish mortgage and project finance markets.
Ibrahim Dabdoub, chief executive of National Bank of Kuwait discusses the biggest challenges ahead for the gulf banking sector:Globalisation, liberalisation and technology pose the biggest challenges for Gulf banks, which will have to compete with large, financially strong, global banks with a broad product offering, high-quality personnel and a greater capacity to absorb risk. International players are also technologically sophisticated and enjoy efficiencies of scale.