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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