Dubai, 7th October, 2015 (WAM) - Under the umbrella of "Dubai The Capital of Islamic Economy" strategy that was launched by Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and general supervisor of Dubai Islamic Economy Development Centre (DIEDC), HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has issued directives to form a specialized committee to study the establishment of the world?s first sharia-compliant import and export bank. The committee includes members of Board of Directors of DIEDC, Dubai Exports and Noor Bank. The new bank responds to Dubai?s objectives to become capital of Islamic economy, boosts Islamic finance sector and materializes integration between Islamic finance and business and industry.

The new bank will benefit from the increasing international demand on Islamic finance. According to DIEDC and Thomson Reuters? State of the Global Islamic Economy Report 2015, the total Islamic finance assets are projected to reach $3.25 trillion by 2020. Islamic compared to the existing 1.81 trillion in assets based on 2014.

The committee is composed of renowned experts, bankers and senior officials. Members of the committee are Director General of Dubai Economic Development Department Sami Al Qamzi, Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market Essa Kazim, Hussain AlQemzi, Dr. Ahmed Al Janahi and CEO of Dubai Export Development Corporation Saed Al Awadi.

Copyright Emirates News Agency (WAM) 2015.