Companies in the Middle East are looking for maximum security in trade transactions after being doubly hit by the financial crisis and the Arab Spring. Middle East companies and banks are being extremely cautious when arranging trade transactions, which has resulted in increased demand for confirmed letters of credit (LCs), trade credit insurance and warehouse receipts.

Speakers at Exporta's Middle East trade finance week in Duba said that even in countries not directly impacted by the Arab Spring, there is now a much stronger need for confirming of LCs, and that the political turmoil in MENA countries has raised the profile of credit insurance in the region.

Furthermore, Islamic finance products are also growing in popularity, a trend reinforced by Sheikh Mohammed's announcement that Dubai was to become the global Islamic finance hub. Consequently, the ITFC approved the opening of its first regional branch in Dubai, and the number of Islamic finance transactions is expected to double by 2015. However,, some bankers feel that there is still a degree of apprehension surrounding Islamic finance products as their efficiency in times of crisis has not yet been tested.