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03 April 2007 — DFSA Receives Award for Innovations in Islamic Finance

Dubai, UAE, April 3, 2007: The Dubai Financial Services Authority (DFSA) is pleased to announce that it has received the Failaka Islamic Fund award for "Best Contribution to Growth and Development." The award was presented to the DFSA by Failaka International at the 2nd Annual Failaka Islamic Funds awards dinner in Dubai, which took place on 2nd April 2007.

This prestigious award recognises the DFSA’s contributions to transparency and innovation in Islamic Finance.

Failaka International specialises in market research and publication of data for Islamic funds, based the award on DFSA’s substantial contributions in enacting a high quality collective investment funds regime during 2006, which selectively incorporates international best practice. The innovative DFSA regime brings a higher degree of transparency to the field of Islamic funds.

Mr. David Knott, Chief Executive of the DFSA, said: "We are pleased to be recognised for innovations that facilitate the growth of Islamic Finance. We will continue to take a leadership role in promoting effective risk-based supervision of the evolving market for Islamic Finance, as well as financial services activities more generally. I congratulate our DFSA team members who helped to construct our high quality funds regime."