Dubai will undertake a study to set up an Sharia-compliant Export and Import bank in Dubai, the world’s first such entity, as part of plans to make the emirate a hub for Islamic finance.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, yesterday issued a directive to set up a committee for studying the feasibility of creating the Exim bank. Sheikh Hamdan is in charge of the emirate’s strategy to transform Dubai into an Islamic economy hub.
“This study of establishing an import and export bank corresponding with Islamic laws, aims at creating a world-class financial organisation that focuses on supporting the global commercial flow in and out of the UAE,” said Sami Al Qamzi, managing director of Dubai Department of Economic Development and deputy chairman of Dubai Islamic Economy Development Centre (DIEDC), the body in charge of developing Islamic economy strategy.
The financial Islamic market is expected to double by 2020 to US$3.25 trillion from the current $1.8tn, according to a report by the DIEDC.
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