Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- New Islamic initiative on cards  Join our daily free Newsletter

MENAFN - Khaleej Times - 20/03/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN -Khaleej Times) dubai plans to set up world?s first shariah-compliant export and import bank

Dubai is exploring the viability of setting up an export and import [exim] bank based on islamic finance principles to further bolster the emirate’s flourishing global non-oil trade that scaled a new peak with a dh94 billion jump in 2013 to hit dh1.329 trillion in value.

Dubai’s department of economic development (ded) on wednesday said it has enlisted noor investment group to conduct a feasibility study for the exim bank project, which would adhere to shariah-compliant rules. islamic finance avoids charging and receiving interest and also bans investing in sectors such as gambling that are deemed unethical according to religious norms.

The creation of an exim bank is aimed at assisting businesses in the uae to grow their trade flows by providing risk mitigation, financing and market access, ded said in a statement. “it is worth mentioning that proposed exim bank will be the first shariah-compliant bank of its kind in the whole world,” said ahmed al janahi, deputy chief executive of noor investment group.

Dubai’s non-oil foreign trade grew eight per cent last year that exceeded twice the wto’s 2.5 per cent global trade growth forecast. the buoyancy in foreign trade also underscored the all-round economic buoyancy as well as the increased diversity of the emirate’s export and import markets. during 2013, dubai maintained a relative diversity in its external markets. as a result, foreign trade with the top five trading partners, including india, china, the usa, saudi arabia and the uk reached dh468 billion, while rest of the partners accounted for a combined dh861 billion.

The proposed bank will deal directly with international bodies and organisations and other exim banks around the work to promote uae trade. it will also coordinate with local authorities, regulators and companies in the trade sector to enhance cooperation. 
sami dhaen al qamzi, director-general of dubai ded, said dubai has one of the best infrastructures to serve as a regional hub for international trade flows.

“it is our aim to double trade flows over the next five years. the exim bank, aligned to some of the best global operating models, will support the achievement of this objective and enhance our existing position,” said al qamzi.

Al janahi said a dedicated team from noor investment group is conducting the initial financial, administrative and marketing studies for the project. “the exim bank will focus on enhancing dubai’s international trade as we move towards expo 2020,” he said.

Shaikh hamdan bin mohammed bin rashid al maktoum, crown prince of dubai and chairman of dubai executive council, recently said that the better performance of the non-oil trade sector underscored the vibrant growth across all economic sectors of dubai in particular and the uae in general. he also indicated that dubai is taking huge leaps ahead with the announcement of the ‘smart dubai’ initiative, which aims to raise the bar in enhancing the overall performance of the government sectors and boost the economic sector in particular.

Shaikh hamdan also called on leaders and executives in dubai government sectors to leave no stone unturned in search for fresh opportunities to further strengthen performance and set dubai as an international benchmark for development and prosperity in addition to its role as a key link in global trade routes.

In 2013, dubai’s imports surged dh74 billion to dh811 billion in 2013 from dh737 billion in 2012. exports and re-exports increased by dh20 billion to dh518 billion compared to dh498 billion in 2012.

Dubai’s direct trade rose to dh846 billion, up from dh808 billion. dubai free zones trade volume recorded dh467 billion, compared to dh417 billion. customs warehouse trade went up from dh10 billion to dh16 billion.

— issacjohn?khaleejtimes.com


Khaleej Times

  MENA News Headlines
 Nov 30 2015 - Kuwait oil minister leaves post days before Opec meetingGulf Times
(MENAFN - Gulf Times) Kuwait named Deputy Prime Minister Anas al-Saleh as acting oil minister to replace Ali al-Omair (pictured) who became minister of public affairs and retained his role as state ...

 Nov 30 2015 - Dana Gas wins $1.98bn Kurdistan judgementGulf Times
(MENAFN - Gulf Times) ...

 Nov 30 2015 - India's SpiceJet 'receives' interest from Gulf airlinesGulf Times
(MENAFN - Gulf Times) Indian budget carrier SpiceJet Ltd, which has surged more than 280% this year, said it's received interest from Gulf airlines looking to acquire a stake."Some of the Gulf ...

 Nov 30 2015 - Qatar- Investment in healthcare makes for a healthy economyGulf Times
(MENAFN - Gulf Times) Under the wise and dynamic leadership of His Highness the Emir, Sheikh Tamim bin Hamad al-Thani, the growth and improvement in quality of Qatar's health sector has been a major ...

 Nov 30 2015 - GCC should adopt a holistic approach to managing urban water supply: ExpertGulf Times
(MENAFN - Gulf Times) The GCC (Gulf Cooperation Council) region should adopt a holistic approach to managing urban water supply, according to an expert at the Qatar Environment and Energy Research ...

 Nov 30 2015 - Brent crude dips on firm dollar ahead of OPEC meetingGulf Times
(MENAFN - Gulf Times) Brent crude futures dipped on Monday as traders remained cautious ahead of an OPEC meeting later this week and as a widely expected US interest rate hike strengthened the ...

 Nov 30 2015 - India- Kerala expects more tourists from the GulfGulf Times
(MENAFN - Gulf Times) Encouraged by the response it received at the Arabian Travel Mart held in Dubai in May, Kerala Tourism is conducting a series of roadshows in the Gulf region.The tourism board ...

 Nov 30 2015 - Carson meets Syrian refugees, opposes them coming to USGulf Times
(MENAFN - Gulf Times) Republican presidential candidate Ben Carson, who last week compared Syrian refugees to "rabid dogs," met with refugees in Jordan on Saturday and urged the US government to do ...

 Nov 30 2015 - IS executes 3,500 in Syria since declaring 'caliphate'Gulf Times
(MENAFN - Gulf Times) The Islamic State group has executed more than 3,500 people in Syria, including nearly 2,000 civilians, since declaring its 'caliphate' in June last year, a monitor said ...

 Nov 30 2015 - 16 killed in fighting for south Yemen provinceGulf Times
(MENAFN - Gulf Times) Yemeni loyalists supported by a Saudi-led coalition battled on Sunday to oust Iran-backed rebels from a southern province where they have made gains in recent weeks, with at ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help