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An Islamic Exim Bank planned

There could be a Sharia-compliant Export Import Bank in Dubai, the first such entity in the world. Dubai is planning to undertake a study on the feasibility of such a bank, as part of plans to make the emirate a hub for Islamic finance. Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, has issued a directive to set up a committee for studying the feasibility of creating the Exim bank. Sheikh Hamdan is in charge of the emirate’s strategy to transform Dubai into an Islamic economy hub. The study of establishing an import and export bank corresponding with Islamic laws aims at creating a world-class financial organization that focuses on supporting the global commercial flow in and out of the UAE, said Sami Al Qamzi, MD, Dubai Department of Economic Development, and deputy chairman of Dubai Islamic Economy Development Centre (DIEDC), the body in charge of developing Islamic economy strategy. The financial Islamic market is expected to double by 2020 to $3.25 trillion from the current $1.8 trillion, according to a report by the DIEDC.

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