Dubai / WAM
The founding committee of the Dubai Islamic Economy Development Centre (DIEDC) is in advanced discussions with the Central Bank of the United Arab Emirates (UAE) regarding provisional approval for an Islamic wholesale banking license for Emirates Trade Bank, the centre announced on Wednesday.
Emirates Trade Bank will be the first of its kind global Sharia-compliant bank exclusively offering integrated trade and international commodity financing solutions, through leveraging and mobilising the infrastructure and logistics ecosystem of the UAE.
The bank will fulfil Dubai’s strategic goal of supporting the Islamic financial sector and integrating investments from this domain towards doubling the UAE’s trade flows (about AED1.4 trillion in 2014) by 2020. The DIEDC said that it supported the initiative of the Department of Economic Development (DED) in Dubai to launch the new bank.
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council nominated the founding committee consisting of Mohammed Al Gergawi (Chairman), Sami Al Qamzi, Essa Kazim, Hussain Al Qemzi, Dr. Ahmed Aljanahi and Saed Alawadi, for the establishment of the bank.
“The UAE in general and Dubai in particular are privileged to have a diversified, open, and flexible economy capable of addressing international and regional challenges. Emirates Trade Bank is set to reap synergies from the strategic positioning and advanced technical and logistics’ infrastructure of Dubai, in its efforts to finance international trade and commodity flows, particularly through the UAE,” said Al Qamzi, Director-General of Dubai Department of Economic Development and Vice Chairman of the Dubai Islamic Economy Development Centre (DIEDC).
DIEDC will continue to support initiatives aimed at transforming Dubai into the capital of the Islamic economy. The UAE and the Emirate of Dubai have always been the leaders and pioneers in the Islamic finance industry, with the establishment of the first Islamic bank in the world in the 1970s.
The establishment of the Emirates Trade Bank will further enhance
the status of the UAE and the Emirate
of Dubai in the commercial and financial firmament.