The United Arab Emirates’ (UAE) 522-billion-dirham Islamic banking assets will help fuel the growth of the country’s halal sector, according to research conducted by Orange Fairs and Events, organisers of the Halal Expo Dubai 2017.
Seven Islamic banks out of the 23 registered commercial banks in the UAE represent nearly a fifth of the country’s banking assets. Islamic banks’ assets grew more than three times of the conventional banks’ assets during the first quarter of 2017, according to the UAE Central Bank’s latest quarterly report.
“In the first quarter of 2017, Islamic banks’ assets had a higher growth (3.2 percent) than the conventional ones (1 percent), while on an annual basis Islamic banks grew by 8 percent and continued to dominate the conventional banks growth that showed an increase of 5.9 percent,” the report, issued by the UAE Central Bank, said.
“The share of conventional banks’ assets at the end of 2017 Q1 is 80.3 percent of the total, while the share of the Islamic banks assets is 19.7 percent. Islamic banks’ financing growth has been dominating the conventional banks’ loans increase in the first quarter of 2017 in almost all subcategories, with exception of financing to government and GREs.”
Gross credit of the Islamic banks in the UAE recorded a 8.4 per cent growth to 343 billion dirhams — or nearly double the rate of 4.4 percent growth rate of gross credit of the conventional banks in the first quarter of 2017.
Similarly, domestic credit growth of the Islamic banks also rose 7.4 percent to 325 dirhams billion in the first quarter of 2017. The growth rate is nearly double than the 4.1 percent growth in domestic credit growth of the conventional banks.
Higher assets and gross credit growth rates empower the Islamic banks to fund the halal industries and help fuel the growth of halal or Islamic economic activities. By nature, Islamic banks engage in ethical finance and asset-based lending — that eliminates speculation-based high-risk financial activities and insulate the sector from economic crises — witnessed during the 2008-09 global financial crisis — when the asset-based ethical finance emerged stronger and helped Islamic banks to overcome the stress tests by a wider margin compared to the conventional lenders — many of whom collapsed and had to be bailed out by governments.
Islamic banking assets to boost UAE’s halal sector
Islamic banking assets to boost UAE’s halal sector
PwC Middle East and Sirar by stc’s CISO500 program advances cyber leadership
The fifth edition of the CISO500 program ran from Feb. 8-12. Delivered in partnership between PwC Middle East and Sirar by stc, the program featured five intensive days of rich discussions and hands-on practical experiences, aimed at strengthening leadership capabilities in cybersecurity and keeping pace with rapid technological transformation.
The program is designed to develop the capabilities of executive cybersecurity leaders and enhance their strategic role in supporting organizations’ digital transformation. It equips participants to address contemporary challenges in the cyber landscape and expand their influence within decision-making ecosystems.
Yasser Al-Swailem, CEO of Sirar by stc, said that the program represents an important step toward strengthening the readiness of cyber leaders in the region. He noted that the CISO500 program is a fundamental pillar in the journey toward building a secure and trusted Saudi cyberspace aligned with national ambitions. He added that investing in national cybersecurity leadership is no longer optional but a strategic necessity for ensuring sustainable digital development. The program reflects a commitment to empowering national talent to lead the digital security landscape according to the highest global standards.
He further emphasized that such initiatives contribute to strengthening digital security ecosystems and enabling organizations to confidently and sustainably address future challenges.
Samer Omar, cybersecurity and digital trust leader at PwC Middle East, added: “CISO500 is a long-term investment in Saudi leadership. Over the past year, we’ve seen how bringing together senior Saudi cybersecurity professionals in a structured executive environment accelerates capability, builds confidence and deepens collaboration. As the program enters its second year, our focus remains on equipping Saudi CISOs with the strategic perspective and technical depth required to secure the Kingdom’s digital ambitions.”
The program addressed a range of advanced topics, including common cyber transformation pitfalls, mechanisms for securing enterprise digital transformation, and cybersecurity budgeting and financial governance. These topics enhanced leaders’ ability to translate cyber risks and security investments into financial indicators that support executive decision-making.
It also covered the latest technological developments, particularly artificial intelligence, emerging technologies, quantum computing, and the protection of critical and operational infrastructure. Emphasis was placed on the importance of security governance for AI technologies and strengthening enterprise-wide risk management perspectives associated with them.
The program adopted an interactive learning methodology combining strategic discussions, collaborative work, and creative practical exercises, contributing to a deeper understanding of concepts and enabling their translation into applicable organizational practices.
Abdullah Al-Asmari, global cybersecurity director at the Saudi Research and Media Group and one of the program participants, said that the experience added significant strategic and practical value: “The program provided a rich experience that strengthened the leadership perspective of cybersecurity, particularly in linking technical practices with strategic and financial dimensions within the organization. It also offered valuable space for exchanging expertise on emerging technologies such as AI and quantum computing, and the challenges of securing critical infrastructure. This experience enhances cyber leaders’ ability to adopt a more influential role in supporting digital transformation and enabling decision-making based on a comprehensive understanding of risk and value.”
He added that the program facilitated the exchange of insights on emerging challenges and strengthened the ability to align cybersecurity with institutional objectives and executive decision requirements.
Participants said that the program constituted a valuable professional and knowledge-driven experience that enhanced the readiness of cyber leaders to keep pace with rapid digital transformation, reinforcing cybersecurity’s role as a strategic enabler that supports innovation while preserving business trust, reliability, and sustainability.
