SHUAA plans to open Islamic window through Gulf Finance
In a recent announcement SHUAA Capital made known that its wholly-owned subsidiary - Gulf Finance Corporation - has engaged with the UAE Central Bank for a license which shall serve to establish an Islamic Window for some of its financing activities. The plans of Gulf Finance include the submission of the necessary applications in the first quarter of 2013. It is expected to be market-ready in the spring of 2013, subject to regulatory approvals. The proposed programme to offer Islamic financial services is consistent with the vision of Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE and Ruler of Dubai. He recently explained the necessity to establish a platform of Islamic economic products and services aiming to grow the Islamic economy.