Committee to assess feasibility of a bank for growing Islamic finance sector

A proposed bank could benefit from the growing global Islamic financial market, which is expected to double by 2020. According to the 2015 State of the Global Islamic Economy Report, released by DIEDC and Thomson Reuters, the sector’s value will increase to AED 12 trillion. Meanwhile, Islamic banking assets are also expected to double, to AED 9.5 trillion, in the next five years. A committee will study the feasibility of creating the world’s first Shariah-compliant Export and Import Bank in Dubai. It’s in line with the ‘Dubai: Capital of Islamic Economy’ strategy launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Consisting of prominent leaders from the financial sector, the committee was established on the directive of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.