DIFC Investments and Dubai Islamic Bank have announced the launch of Waqf Trust Services, claimed to be the world’s first provider to exclusively offer sharia compliant trust services.
The company will operate from the Dubai International Financial Centre (DIFC), upon approval from the Dubai Financial Services Authority (DFSA).
It will run according to guidelines set out in the 2005 Trust Law, created to ensure families can manage their inheritance while adhering to sharia principles.
A range of trust services will be offered to corporate and individual clients, providing tools to assist with asset protection, succession planning and the preservation of family wealth.
Omar bin Sulaiman, DIFC governor said
"Since Dubai is now one of the world's major wealth centres and a hub for investors in the Middle East, the setting up of Waqf Trust within DIFC is a welcome move to help maintain and preserve the region's assets.”
Farhan Bahman Al Bastaki, the director responsible for establishing the firm said:
"Islamic finance and wealth management are key areas of focus in the Middle East and as such Waqf marks the introduction of an invaluable additional line of business to the DIFC family, one that promises to keep the best interests of future generations at the forefront of its vision."
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Dubai is a city in the United Arab Emirates that is built around the principles of free trade, foreign investment, and sound business practices. It was Sheikh Maktoum bin Hasher Al Maktoum who declared Dubai as a free port in 1901, abolishing all tariffs. The Dubai property market is setting the standards for property development throughout the world
