Dubai in talks to establish Sharia-compliant trade bank

Talks are on to set up the world’s first Sharia-compliant bank, specialising in international trade and commodity financing, in Dubai. Department of Economic Development and Dubai Islamic Economy Development Centre are in talks with the UAE’s Central Bank to gain approval for a wholesale Islamic banking license. A six-member high-level committee is leading the discussions. The proposed entity called Emirates Trade Bank is expected to help double the UAE’s trade flow by 2020 and also support Dubai’s ambition to become the Islamic economic capital by 2021.