Dubai Plans to Set Up World’s First Shariah-Compliant Ex-Im Bank - Middle East Real Time - WSJ:
"The government of Dubai is considering setting up an export and import bank, the first time such a body would be established according to Islamic finance principles, to further strengthen trade flows in and out of the emirate.
Dubai’s Department of Economic Development on Wednesday said it has enlisted Noor Investment Group to conduct a feasibility study for the Ex-Im bank project, which would adhere to shariah-compliant rules. Islamic finance avoids charging and receiving interest and also bans investing in sectors such as gambling that are deemed unethical according to religious norms.
“It is worth mentioning that Dubai Exim Bank will be the first sharia compliant bank of its kind in the whole world,” noted Ahmed Al Janahi, deputy chief executive of Noor Investment Group.
To establish a shariah-compliant institution fits in with Dubai’s wider push to become a capital of the global Islamic economy, an ambition the emirate’s ruler Sheikh Mohammed bin Rashid Al Maktoum spelled out last year."
'via Blog this'
No comments:
Post a Comment