Sami Al Qamzi

Dubai in advanced talks to set up Islamic trading bank

Dubai has announced it is in advanced discussions to set up the Shari'a compliant Emirates Trade Bank which will specialise in international trade and commodity financing. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the Executive Council, has nominated a founding committee for the establishment of the bank. Emirates Trade Bank will be the first of its kind global Shari’a compliant bank exclusively offering integrated trade solutions, through mobilising the infrastructure and logistics ecosystem of the UAE. Sami Al Qamzi, vice chairman of the Dubai Islamic Economy Development Centre (DIEDC), said the Emirates Trade Bank is set to reap synergies from Dubai's strategic positioning. On Tuesday, Sheikh Hamdan said Dubai is set to launch ambitious projects as part of a plan to transform the city into the capital of the Islamic economy by 2021.

Dubai Exports promotes Dubai's expertise in Islamic economy to Canadian firms in Vancouver and Toronto

Dubai Exports , the export promotion agency of the Department of Economic Development (DED), recently showcased the emirate's expertise and resources in Islamic economic services to the business community in Toronto and Vancouver across a series of seminars. The seminars, jointly organised by Dubai Exports and Borden Ladner Gervais LLP focussed on encouraging linkages between Islamic financial and advisory firms in Dubai and their counterparts in Canada. Participants in the seminar also discussed the changes required in Canada's taxation and regulatory system regarding Islamic financial products. Opportunities are especially seen in the connection of the sophisticated financial and business communities in Dubai with leading edge Canadian technology companies and entrepreneurs in such areas as clean tech, life sciences, advanced materials and information technology, which are all shari'a compliant.

Centralised legal framework for Islamic economy soon

By the end of this year, the Islamic Economy Higher Committee will come out with a unified Islamic legislation to help encourage and support Islamic products in the emirate. The committee will also work on creating bodies or committees authorised to certify and check on the Islamic products. However this will be left optional, the Committee’s member and Director General of Dubai Department of Economic Development, Sami Al Qamzi said.

‘Mohammad Bin Rashid SME Fund’ decreed

Dubai's ruler Shaikh Al Maktoum decided to finance small and medium enterprises by a new SME Fund. Fund will offer financiall help to around 100 national entrepreneurial projects every year and thus support expecially young citizens in order to grow up a new generation of entrepreneurs to help UAE economy to thrive.

Syndicate content