Today's Edition
ABU DHABI (WAM)
Fiona Bassett, CEO of FTSE Russell, part of the London Stock Exchange Group, highlighted the UAE's leading role as a beacon of financial innovation in the Middle East and its position as a leading centre for Islamic finance.
“We're seeing growing investor interest, both domestic and international, driven by the region's expansion. This reflects the growing importance of the UAE on the global stage,” Fiona Bassett said in a statement to the Emirates News Agency (WAM) on the sidelines of the launch of the FTSE ADX 15 Islamic Index (FADXI15).
“This latest launch provides focused exposures, to the top 15 Shari'ah-compliant companies, within Abu Dhabi," she added.
According to the Islamic Finance Development Report 2023, the global Islamic finance industry experienced substantial growth, with assets rising by 11 percent in 2022 to reach US$4.5 trillion, Islamic banking constituting 72 percent of this total. Since 2012, the industry has grown by 163 percent and is expected to expand to $6.7 trillion by 2027.
"For us, this is, providing a toolkit for investors to meet the burgeoning demands that we've seen in Islamic finance,” she added.
CEO of FTSE Russell said that the Abu Dhabi Securities Exchange (ADX) is a key player and their long-term strategic partnership with the ADX, aims to bring compelling products to the market. "Our partnership with ADX is central to FTSE Russell's strategy.”
She noted that FTSE Russell aims to be the leading index partner in the region, offering a comprehensive suite of equity and fixed-income solutions. “The increased liquidity and market capitalisation have led to the inclusion of more UAE companies in our global indices, from small-cap to large-cap. We're optimistic about the region's future growth potential.”
