Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, has ordered to setting up a committee to study the establishment of the first Sharia-compliant global bank for export and import.
According to media reports, the committee will comprise members of the management board of the Dubai Islamic Economy Development Centre, as well as members of Dubai Export Development Corporation and Noor Bank.
The step is aimed at achieving the strategic objectives of Dubai to strengthen the Islamic finance industry and integrating this vital sector and all other sectors concerned with halal investment and trade and industry.
The establishment of this bank is part of the strategy, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, to make Dubai the world’s capital of lslamic economy The committee includes selected decision-makers and prominent bankers with wide experience such as Sami Al Qemzi, Director-General of the Dubai Department of Economic Development and Vice-Chairman of Dubai Islamic Economy Development Centre; Essa Kazim, Governor of Dubai International Financial Center and Secretary-General of Centre for Development of Islamic Economy; Hussain Al Qamzi, Board member of Development of Islamic Economics; Dr. Ahmed Al Janahi, Saeed Al Awadhi, Executive Director of Dubai Export Development Corporation.
Studies reveal the bank will benefit from the enormous logistics and modern infrastructure of Dubai apart from the growing global demand in the Islamic Finance sector.
The Islamic economy report of 2015, issued by Dubai Islamic Economy Development Centre and Thompson Reuters indicates that the global Islamic finance market will almost double by 2020 from the current $1.81 trillion to up to $3.25 trillion.