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A recent government decree to establish the Dubai Islamic Economy Development Centre is expected to appreciably advance the Emirate?s seven-pillared strategy to establish itself the capital of the Islamic economy within three years.
The Development Centre will be equipped with the financial, administrative and legal tools to promote economic activities compatible with Islamic law in Dubai?s goods and financial services sector, as well as the non-financial sector. In this capacity, it will conduct research and specialist studies to determine the contribution of Sharia-compliant activities to the Emirate?s gross domestic product, and explore how to extend this contribution to boost the economy. It will also be responsible for building a comprehensive database of such activities.
Commenting on the decree, Eli Hyder, managing partner of Bond Lawyers, said: “The Islamic Economic Development Centre will create new products and lines of services to law firms which specialise in finance structuring. Firms in the UAE, meanwhile, will benefit from new business because of their understanding of Islamic finance products.”