Vice President of the UAE, Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, said Wednesday that the Emirate is seeking to develop the Islamic economy to attract new investments from the Middle East and Southeast Asia.
Said in a statement that the government will strengthen the Islamic banking sector and insurance companies Takaful and Islamic financial products and other sectors such as Islamic arbitration in contracts and quality standards for halal food.
The statement did not give further details, but the official WAM news agency (WAM), said that Mohammed instructed the Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, to oversee the project.
The agency noted the formation of a committee will work on six key initiatives under the umbrella of the project, and said that the expected completion of these initiatives within six months.
Islamic finance has grown rapidly in the world in recent years, but its size is still much smaller than conventional finance.
According to estimates by Ernst & Young Islamic banking accounts for a quarter of the banking market in the Gulf Cooperation Council (GCC) six.
The Dubai wishes - that have suffered from the corporate debt crisis in 2009 and 2010 - to improve the rate of growth depending on the trade and investment throughout the region.
Dubai has a successful history in the establishment of service industries, and has become the Dubai International Financial Centre - which opened its doors about 10 years ago - the largest center for banking services in the Gulf.
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