Abu Dhabi: “Al Khaleej”

Khaled Mohammed Balama, Governor of the Central Bank of the UAE, chaired the first meeting of the Committee for the Development of Islamic Finance and Halal Industry, established by a Cabinet decision issued in 2025. The meeting discussed and approved the committee’s work system, mechanisms for task implementation, and the strategy execution plans for 2025-2026, in addition to reviewing strategic projects aimed at enhancing the UAE’s position as a leading global center in Islamic finance, halal industry, and sustainable Islamic charitable work.

Khaled Mohammed Balama, Central Bank Governor and Committee Chairman, said: “Developing Islamic finance and the halal industry is a fundamental pillar in the comprehensive development vision of the country, aiming to strengthen the economic diversification strategy and enhance the country’s competitiveness and leading position in global markets. Through this committee, we work to embody the aspirations of the wise leadership and achieve the goals of the UAE’s strategy for Islamic finance and the halal industry by enhancing integration between Islamic finance, halal industry, and sustainable Islamic charitable work, alongside integration with regional and international markets, and developing financial and commercial institutions capable of competing globally, according to best global practices and standards, and facilitating Islamic finance activities, including banking, takaful, sukuk, non-banking financial services, and others.

We value the role of participating entities, the efforts of committee members, and constructive cooperation with the private sector to achieve strategic goals and implement specified initiatives and projects to consolidate the UAE’s position as a leading global center in Islamic finance, halal industry, and sustainable Islamic charitable work.”

The meeting was attended by committee members: Younis Haji Al Khouri, Undersecretary of the Ministry of Finance; Omar Suwaineh Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology; Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy and Tourism; Mohammed Abdulrahman Al Hawi, Undersecretary of the Ministry of Investment; Fahad Siddiq Al Qarqawi, Acting Undersecretary of the Ministry of Foreign Trade; Ahmed Saeed Al Qamzi, Assistant Governor of the Central Bank – Banking and Insurance Supervision; Waleed Saeed Al Awadi, CEO of the Securities and Commodities Authority; Ahmed Rashid Al Nuaimi, Director General of the General Authority of Islamic Affairs and Endowments and Zakat; and Aref Mohammed Ameeri, CEO of Dubai International Financial Centre Authority, representing the Dubai government.

The committee approved the implementation plans for the initiatives and projects specified in its 2025-2026 strategy, in addition to approving the establishment of subcommittees to enhance the work of the Committee for the Development of Islamic Finance and Halal Industry through coordination with ministries, federal and local entities, and relevant institutions and companies in the private sector, and providing periodic reports to the committee on strategy implementation. These subcommittees include the Islamic Finance Industry Subcommittee chaired by the Central Bank, the Halal Industry Subcommittee chaired by the Ministry of Industry and Advanced Technology, and the Islamic Charity and Sustainable Finance Subcommittee chaired by the General Authority of Islamic Affairs and Endowments and Zakat.