Dubai aims to become a top global centre for Islamic bonds by introducing more detailed standards that ensure issuance and trading obey not only the letter but also the spirit of Islamic rules, a securities market official said.
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The emirate hopes the new standards will reduce disputes between scholars, issuers and investors over what types of debt structures are permissible and attract more business to its market.
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Mabid Ali Al-Jarhi, a member of the board overseeing Islamic business at Dubai Financial Market (DFM), said the rules would provide assurances for sukuk holders and traders.
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"In this manner, Dubai and DFM will set the tone for financial instruments' standards all over the world," Jarhi said in an interview via email late last week.
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Read more: http://www.gulfbase.com/news/dubai-hopes-sukuk-standards-to-make-it-global-player/228324
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