Dubai's bid to build a global capital for Islamic industries has excited the financial industry, but bankers say succeeding where others have failed will be a challenge.
Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, announced plans last week to refashion the emirate as the "capital of Islamic economy", with plans to develop industries including Sharia finance, dispute resolution and halal food production.
Finance firms are already leaping to take advantage of the new policy drive. Shuaa Capital said yesterday it had sought Central Bank approval to open an Islamic operation via its Gulf Finance Corporation subsidiary.
UAE bankers embrace Dubai's Islamic vision - The National
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