UAE Launches Ambitious Islamic Finance and Halal Industry Strategy

The UAE has unveiled a bold strategy to more than double its Islamic banking assets and expand halal exports globally, The National reported. Approved by the Cabinet and announced by Sheikh Mohammed bin Rashid, the plan targets increasing Islamic bank assets from Dh986 billion to Dh2.56 trillion by 2031, while boosting Islamic sukuk issuances to over Dh660 billion.

A dedicated committee, led by the UAE Central Bank governor, will oversee implementation, reinforcing the nation’s economic diversification efforts. The strategy aligns with broader goals to strengthen key sectors, including tourism, which contributed Dh236 billion in 2024 and aims for Dh450 billion by 2031.

The Cabinet also endorsed updates to the UAE’s biosecurity framework to enhance prevention and innovation. Additionally, the UAE maintains its global lead in entrepreneurship, ranking first in the Global Entrepreneurship Monitor for the fourth consecutive year, with SME licenses surging by 160%.

Sheikh Mohammed emphasized support for SMEs as economic cornerstones, underscoring the UAE’s commitment to fostering a dynamic business ecosystem.