Establishment of Emirates Trade Bank, a significant step towards transformation of Dubai as the Capital of Islamic Economy
Dubai, 12 October 2016: The Dubai Islamic Economy Development Centre (DIEDC) is supportive of the initiative from the Department of Economic Development (DED) in Dubai to launch Emirates Trade Bank. His Highness, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council has nominated a founding committee comprising H.E. Mohammed Al Gergawi (Chairman), H.E. Sami Al Qamzi, H.E. Essa Kazim, Mr. Hussain Al Qemzi, Dr. Ahmed Aljanahi and Mr. Saed Alawadi, for the establishment of the bank.
The founding committee is in advanced discussions with the Central Bank of the UAE regarding provisional approval for an Islamic wholesale banking license for Emirates Trade Bank, specializing in international trade and commodity financing. Emirates Trade Bank will be the first of its kind global Shari’a compliant bank exclusively offering integrated trade and international commodity financing solutions, through leveraging and mobilizing 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 UAE trade flows (about AED 1.4 trillion in 2014) by 2020.
“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 Sami 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 nineteen seventies. The establishment of Emirates Trade Bank will further enhance the esteemed status of the UAE and the Emirate of Dubai in the commercial and financial landscape.
About Dubai Islamic Economy Development Centre
‘Dubai Islamic Economy Development Centre (DIEDC) was established in December 2013 to transform Dubai into the ‘Capital of Islamic Economy’, as envisioned by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, supervises the efforts of the DIEDC and its Board to bolster Dubai’s bid to become a global hub for the Islamic Economy, encompassing a wide array of sectors through harnessing the projected US$6.7 trillion Islamic economy market.
DIEDC is 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. DIEDC is also mandated to create new products and lines of service to law firms specializing in finance structuring.”