Dubai – January 25,2021: Alpen is entering into the islamic finance industry, which is experiencing a healthy growth in the recent times. Alpen Capital and Alpen Asset Advisors (Alpen) have constituted their Shari’ah Supervisory Board that will supervise and advise on Shari’ah related matters in conducting Islamic Financial Business including Shari’ah Review & Consultation and Shari’ah Audit.
Minhaj Advisory, a firm specialized in providing Shari’ah financial advisory services is advising Alpen for their Islamic offering.
The Alpen SSB comprises of renowned Islamic scholars namely Sheikh Dr. Mohamed Ali Elgari, Chairman of SSB, Sheikh Dr. Amin Fateh and Sheikh Abdulsattar Ali Al Kattan.
“The Islamic finance industry has been growing rapidly over the last couple of years and continues to grow even in the midst of the pandemic. The appetite for Sharia investing/finance has been on the rise and we are witnessing many non-Islamic firms set up Islamic offering platforms mainly to provide structured finance solutions for Sukuks. However, the Islamic finance industry is posed with the challenge of lack of standardized rules and regulations globally. The initiative taken by UAE to build a unified global legislative framework is bringing together Islamic scholars from around the world to address and reduce these discrepancies, which will further encourage firms to establish Islamic platforms.”, said Sheikh Dr. Mohamed Ali Elgari, Chairman of the SSB.
Sheikh Dr. Amin Fateh and Sheikh Abdulsattar Ali Al Kattan echoed the views of Sheikh Dr. Mohamed Ali Elgari and expressed that under the ‘Dubai: Capital of Global Islamic Economic’ strategy they have witnessed renewed interest and demand for Shari’ah compliant products and services.
“The ‘Dubai: Capital of Islamic Economy’ strategy launched under the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, along with the recently announced initiative to build a unified global legislative framework for Islamic finance is expected to trigger rapid growth within the Islamic finance industry.” said Rohit Walia, Executive Chairman and CEO, Alpen Capital.
Alpen aims to launch their propriety Islamic product offering on receipt of approval from the Dubai Financial Services Authority for conducting Islamic Financial Business through an Islamic Window in the coming months.
According to the Dubai Statistics Center, a strategic partner of DIEDC, the Islamic economy contributed AED41.84 billion to Dubai’s GDP in 2018 which in terms of percentage formed 9.9 percent of Dubai GDP.
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