08 November 2006 — Dr. Habib Al Mulla welcomes Ed Balls, UK Member of Parliament

Dubai, UAE, November 8, 2006: Dr. Habib Al Mulla, DFSA Chairman today received Ed Balls, UK Member of Parliament and Economic Secretary to the Treasury, to discuss the further strengthening of cooperation in financial services between the UK and Dubai. The meeting was held in the offices of the Dubai Financial Services Authority (DFSA), and discussions covered a wide range of subjects, including Islamic Finance, education and investor protection.

The rapid growth in Islamic Finance, one of the main business pillars in the Dubai International Financial Centre (DIFC), offered fertile ground for discussion.

In the field of education, the discussion centred on the DFSA initiative — ‘Tomorrow’s Regulatory Leaders’, an extensive training and development program designed to create sustainable career opportunities for Emiratis in financial services regulation, and the recently launched Islamic Finance qualification, a joint effort between the UK and Lebanon.

Dr. Al Mulla and Mr. Balls also discussed the need to improve investor protection measures and the adoption of international best practice, including effective measures on transparency, disclosure and corporate governance.

Dr. Al Mulla commented: ‘It was a pleasure to receive Mr Balls and to discuss developments in the UK market and City of London; he is extremely interested in and knowledgeable on Islamic Finance.

“I believe that the tremendous interest in Islamic Finance has led to a range of initiatives in terms of international best practice, regulation, and education; we are always receptive to discuss ways in which we can cooperate with other financial centres.”

Dr. Al Mulla added: “Our regulatory framework is modelled on international best practice and draws on the strengths of international centres like London.”