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Dubai-UAE: 7 October, 2015 – In line with ‘Dubai: Capital of Islamic Economy' strategy that was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, who oversees the implementation of the strategy, has issued a directive to establish a specialised committee for studying the feasibility of setting up the world's first ever Shariah-compliant Export and Import Bank (EXIM Bank) in Dubai.
The committee consists of prominent decision makers and leaders from the banking and financial services sector including His Excellency Sami Al Qemzi, Managing Director of Dubai Department of Economic Development and Deputy Chairman of DIEDC; His Excellency Essa Kazim, Governor of Dubai International Financial Centre and Secretary General of DIEDC; His Excellency Hussain Al Qemzi, Board Member of DIEDC and CEO of Noor Bank; Dr Ahmed Al Janahi, Deputy CEO of Noor Bank, and Saed Al Awadi, CEO of Dubai Export Development Corporation (DEDC).
As part of its mandate, the committee will seek to fulfil Dubai's strategic goal of supporting the Islamic financial sector and integrating investments from this domain into the halal investment, commerce and industry sectors.
The proposed bank is set to benefit from the rise in global demand within the Islamic finance sector. According to the 2015 State of the Global Islamic Economy Report, released by DIEDC and Thomson Reuters, the financial Islamic market will double by 2020, from the current value of US$1.8 trillion to US$ 3.25 trillion with the Islamic banking and insurance leading the growth. Currently accounting for US$1.34 trillion, Islamic banking assets are expected to grow to US$2.6 trillion by 2020.
Once established, the new EXIM Bank will aim to seize the opportunities offered by the growing global demand for Islamic financial services.
Commenting on the decision to set up the specialized committee, His Excellency Sami Al Qamzi, Managing Director of Dubai Department of Economic Development and Deputy Chairman of DIEDC, said: 'This 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.
“When set up, the new EXIM Bank will offer new and innovative commercial funding solutions for a wide range of corporations and organizations in the commodity trade sector, further enhancing the esteemed status of the UAE in the commercial and financial landscape. If approved, the new bank will be the first of its kind in the world with capital raised from private investors.'
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