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UAE’s federal export credit company, Etihad Credit Insurance (ECI) has partnered with Dubai Islamic Economy Development Centre (DIEDC) to boost UAE exports through sharia-compliant export credit solutions.
Both the organsiations have been striving to boost awareness for the Islamic economy globally and to strengthen the UAE’s position as the preferred global hub for halal exports.
As part of the agreement, the federal export credit company will support DIEDC’s partners through its trade credit services that can significantly boost their sharia-compliant exports. The two organisations will also partner with Islamic banks and exporters in projects that require export financing, structured trade finance, project finance, as well as supply chain finance.
The partnership also envisages to enhance awareness of Islamic trade credit and political risk solutions and financing structures (based on takaful) as well as to examine how ECI can provide DIEDC’s business partners with risk mitigating tools. In doing so, the two entities are seeking to drive the global competitiveness of these businesses to help them enhance their export competencies and penetrate new markets.
“Through this strategic partnership with ECI, DIEDC seeks to create more opportunities in the Islamic economy space for UAE companies engaged in exporting sharia-compliant products, and to attract more export-focused investment,” Abdullah Mohammed Al Awar said.
ECI will participate in conferences, workshops, training courses and activities focused on exports and Islamic finance organised by DIEDC. In addition, ECI is to have access to the Centre's reports and publications.
Together with DIEDC, we aim to not only strengthen the efforts of halal exporters in the country, but also to facilitate the development of new products that will set benchmarks across sectors, and contribute significantly to positioning the UAE as the global leader in the Islamic economy,” Massimo Falcioni CEO of ECI said.
Al Awar said that the launch of the Halal Mark by Emirates Authority for Standardization and Metrology (ESMA) had increased the credibility of Dubai and the wider UAE as pioneers in the halal sector.
Over the past three years, ESMA has granted food factories 127 Halal certifications and 470 quality marks in multiple product categories.
According to the 2019/20 State of the Global Islamic Economy report, Muslims spent $2.2 trillion in 2018 across the food, pharmaceutical and lifestyle sectors that are impacted by Islamic faith-inspired ethical consumption needs.
(Writing by Seban Scaria; editing by Daniel Luiz)
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