Dubai plans to set up a central sharia board to oversee all Islamic financial products used in the emirate, and will encourage government-linked entities to issue and list sukuk on the local bourse, senior officials said on Wednesday.
The government announced last month that it wanted to become a global centre for Islamic finance and other businesses based on Islamic principles. But it will face tough competition from established centres such as London and Malaysia, where trading of sukuk (Islamic bonds) is much more active.
"We follow international standards of Islamic economies and will be the world's number one centre for Islamic finance," Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, who is also prime minister of the United Arab Emirates, told reporters on Wednesday.
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