IslamicFinance.de

A year after the emirate set out plans to be the Islamic economic hub, it's seven months behind schedule in setting up a centralised Sharia body that would help spur the emirate's sukuk market. Dubai is still deliberating with the federal government to establish the board, according to Abdulla Mohammad Al Awar, chief executive officer of the Dubai Islamic Economy Development Centre (DIEDC). While Islamic financial assets are set to almost double to $3.4 trillion by 2018, regulations in the industry are underdeveloped. Malaysia is one of the first countries to set up a Sharia authority as part of its central bank. The UAE Federal National Council, a half-elected advisory council with some parliamentary powers, plans to push for a central Sharia board.