Can Dubai Become The World’s Leading Islamic Business Hub?

Dubai recently announced that its latest aspiration was to become the leading Islamic business hub in the world. Under the umbrella of Islamic finance, the emirate is hoping to provide the best facilities for Islamic finance instruments, Islamic insurance, the halal food industry and Islamic trade and quality-management standards. Dubai has numerous advantages as an Islamic finance hub, like its existing strong business and financial infrastructure as well as an established regulatory framework and political and socio-economic stability. Moreover, the emirate plans to set up a central Shariah board to supervise all Islamic financial products used in Dubai. However, the emirate needs to integrate a Shariah- compliant business framework with the already established conventional framework. Furthermore, Dubai also faces rivalry from the other GCC nations.