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Dubai Plans Regulatory Council to Push Islamic Finance

Published: 10/01/2013 08:24:13 AM GMT
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Dubai, the second-biggest member of the United Arab Emirates, plans to create an Islamic finance council to regulate Shariah-compliant equity and fixe (more)

Dubai, the second-biggest member of the United Arab Emirates, plans to create an Islamic finance council to regulate Shariah-compliant equity and fixed-income products to boost the industry's role in the economy.

Dubai, which derives about 11 percent of economic output from financial services, wants to make Islamic finance a "core industry," Sami Al Qamzi, director general of the Dubai Department of Economic Development, said at a conference in the emirate today.

"The addition of Islamic industry is a priority to turn Dubai into the capital for the Islamic economy," Al Qamzi said. The emirate will seek to encourage the development of a market for Islamic products including funds, sukuk and loans, he said.


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