Dubai mulling Islamic exim bank

March 20, 2014 12:19 pm

Dubai’s Department of Economic Development (DED) has said the emirate will consider establishing the world’s first fully Shari’ah-compliant export-import bank to promote the emirate’s foreign trade, Reuters has reported. The proposed bank would provide financing to companies involved in trade, while helping them to reduce their risks and gain market access, the department said, without giving details of the proposed institution’s structure or financing. Noor Investment Group, which is affiliated to Investment Corp of Dubai, the emirate’s flagship investment vehicle, will advise on the project, the department added.