Wednesday, Feb 27, 2013
Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Wednesday announced an initiative to transform Dubai into a global centre for Islamic bonds (sukuks).
The initiative, called Transforming Dubai into a Global Centre for Islamic Bonds, is the first executive plan following Shaikh Mohammadâs January 9 declaration to develop Dubai into a centre for Islamic finance. Launched on the floor of the Dubai Financial Market on Wednesday, the new initiative will create a centre for issuing, listing and trading sukuks. Part of the initiativeâs aim is to encourage organizations to issue sukuks instead of bonds.
âToday we are putting the first block towards embodying our vision to make Dubai the Global Capital of Islamic Economy and we are optimistic in achieving this goal and seek to activate it through a series of initiatives and programmes that will activate the role of Islamic Economy within our national economy,â he said.
He added that Dubai has all the components and privileges that qualify it to achieve its goals in becoming a Global Center for Islamic Bonds, and will continue working to complete the necessary regulatory frameworks and assemble all efforts of national teams and experts to give the sector the necessary boost.
By Scott Shuey Business Editor
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