(MENAFN) Dubai expects to publish new standards for issuing and trading Islamic bonds, which it hopes to be adopted globally, a senior financial executive in the emirate said, The Peninsula Qatar reported.
"The standard is there, up and running, if anybody wants to have it adopted," Essa Kazim, Chairman of bourse operator Dubai Financial Market (DFM), said. Kazim, who on January 1 will also become governor of the Dubai International Financial Centre, the emirate's tax-free financial zone, said the standards would be published "in a week or two.
New global issuance of sukuk has grown rapidly for most of the past several years and is projected to hit USD237 billon in 2018, up from an average of USD100 billion this year, according to a Thomson Reuters study released this month.
Dubai hopes that by introducing clear, detailed standards for sukuk and convincing global investors that they obey the letter and the spirit of Islamic rules, it can attract more international business to its market, which competes with other centres such as London and Kuala Lumpur.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.