BEST ISLAMIC FINANCIAL INSTITUTIONS IN INDIA (GLOBAL FINANCE 2008) : Kotak Mahindra

Kotak Mahindra is one of India's leading financial conglomerates, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates.

The group has a net worth of over Rs. 6,184 crore, employs around 20,000 people in its various businesses and has a distribution network of branches, franchisees, representative offices and satellite offices across cities and towns in India and offices in New York, London, San Francisco, Dubai, Mauritius and Singapore. The Group services around 5.6 million customer accounts.

Kotak Mahindra, one of India's largest financial conglomerates, has paved the way for Middle Eastern and other foreign investors to enter India's equity markets through shariah-compliant offshore funds. The firm's UK subsidiary was the first Indian institution to set up operations at the Dubai International Financial Center. Kotak Mahindra (International) has had a branch in Dubai for more than a decade. Despite its large Muslim population, India has been slow to introduce Islamic banking services, which are mainly limited to the cooperative sector.

Kotak Mahindra ( UK ) Limited (KMUK), has been licensed by the Dubai Financial Services Authority to conduct its operations from its branch in Dubai International Financial Centre.

It is the first Indian institution to set up at DIFC. This announcement was made by Mr Shyam Kumar, Director, KMUK in Dubai today.

Commenting on the initiative, Mr. Shyam Kumar said,

'Dubai International Financial Centre (DIFC) has created a global financial hub at Dubai. With its global infrastructure, DIFC is attracting most major international finance organisations to set up operations here. Kotak Mahindra has a strong commitment to be a part of this growing financial hub. We already have a presence in Dubai through Kotak Mahindra (International) Limited for over a decade now. The opening of the KMUK branch will further strengthen our presence here. '

Under the directions of His Highness General Sheikh Mohammed Bin Rashed Al Maktoum, Crown Prince of Dubai, UAE Defense Minister, and the President of the DIFC; a strategic Islamic Finance Advisory Council has been formed comprising key personalities from the industry to jointly work with the DIFC on matters relating to the development of Islamic Finance.