Union Export Credit, the credit protection company of the federal government, has announced the launch of export credit products that are Sharia-compliant, as it seeks to boost the halal trade in the UAE and establish its position as a global capital to support the halal industry and products.
The launch took place during the annual investment forum, and this launch makes Etihad Export Credit one of the first export credit agencies in the Middle East to provide export credit protection solutions that are compliant with Islamic law.
The launch also comes in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, as His Highness stressed the vital importance of the Islamic economic system in providing real opportunities to find new ways to support economic, commercial and financial growth. His Highness indicated that adopting an Islamic economy can stimulate economic growth and create new opportunities and initiatives through cooperation between the concerned local and international companies.
Emphasizing the company’s keenness to support companies operating in the halal trade, Massimo Falcioni, CEO of Union Export Credit, said: With trade credit, financing and investment solutions compliant with Islamic law, Union Export Credit affirms its commitment to once again supporting the non-oil sector in the UAE United and enhancing the competitiveness of local companies in line with the vision of the country’s wise leadership. These solutions will provide Emirati companies involved in the halal trade with a competitive advantage in international markets.
He added: By launching these Sharia-compliant solutions, we not only aim to support halal product exporters in the UAE, but also to play an important role in developing new and innovative products suitable for all sectors, thus strengthening the country’s position as the global capital of the Islamic economy. These new solutions include trade credit protection services that include full revenue insurance, short and long term single risk insurance, letter of credit assurance insurance, Islamic export finance, foreign investment insurance, and bond guarantee insurance.
These Sharia-compliant products launched by Etihad Export Credit have been certified and approved by Dar Al Sharia, an organization that provides its Sharia-compliant advisory services to all sectors of banking and finance. These solutions that we provide are also re-secured by Etihad’s strategic export credit partner, the Islamic Corporation for Insurance of Investment and Export Credit, a member of the Islamic Development Bank Group.
growth
According to the Global Islamic Economy Reality Report for the year 2019 commissioned by the Dubai Center for the Development of Islamic Economy by US-based strategic partner, DinarStandard, the research and consulting firm of the center, the global economy for Halal is expected to grow from $ 2.2 trillion in 2018 to $ 3.2 trillion. In 2024.
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