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UAE:
The Department of Economic Development of the Government of Dubai (Dubai
DED) announced its plans to set up a Shariah compliant export-import
(Exim) bank, yesterday. In line with Sheikh Mohammed Bin Rashid Al
Maktoum’s vision of transforming Dubai into a capital of the Islamic
economy, the bank will operate as a tool to facilitate international
trade. The proposal comes at an opportune time as the emirate is
currently intensifying investment in infrastructure developments linked
to Expo 2020.
The Exim bank will provide a range of products and services aimed at
supporting trade flows in and out of the UAE. It will also assist
businesses in the UAE to grow their trade flows by providing risk
mitigation, financing and market access. “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 further enhance our existing position,” said Sami Al Qamzi, the
director general of Dubai DED.
The new financial institution will be mandated to deal directly with
international bodies and organizations and other Exim banks globally to
increase trade activities with the UAE. The bank will also coordinate
with local authorities, regulators and companies in the field of trade to
enhance cooperation and to leverage on the robust current and future
infrastructure development of the UAE.
The Dubai DED has engaged Noor Investment Group as an exclusive advisor
for the project. Dr Ahmed Al Janahi, deputy CEO of Noor Investment Group
and Noor Bank, said: “A dedicated team from Noor Investment Group is
conducting the initial financial, administrative and marketing studies
for the project. It is worth mentioning that Dubai Exim Bank will be the
first Shariah compliant bank of its kind in the whole world.”
The Export-Import Bank of Malaysia, although a frequent participant in
the Islamic capital markets over the past few years, offers both Islamic
and conventional products and services. Once established however, Dubai’s
proposed Exim bank will be the first fully Shariah compliant institution
of this nature.
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