DIFC, DIB, launch Shariah-compliant trust products


Omar bin Sulaiman, governor of DIFC and chairman of WTS, said it would help preserve regional assets with Dubai emerging as one of the major wealth centres of the world and a hub for investors in the Middle East. Sa’ad Abdul Razak, DIB group chief executive officer and vice-chairman of the trust services, said services were introduced after an extensive research was undertaken in the region in the asset-management arena.


Farhan Bahman Al Bastaki, WTS director responsible for establishing the firm, said Islamic finance and wealth management were key areas in the Middle East and the trust service marked the introduction of an invaluable additional line of business to DIFC. The company is set to operate along the guidelines of the Trust Law of 2005 enacted by Shaikh Mohammed bin Rashid Al Maktoum, vice-president and prime minister of the UAE and ruler of Dubai and DIFC president.


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