IslamicFinance.de

Dubai's drive to develop its Islamic finance sector is fuelling growth of sharia-compliant banking but the benefits are unevenly distributed, with some lenders struggling to compete against burgeoning competition. Several initiatives announced by Dubai could have a big impact on the Islamic banking sector but have not yet materialised. One such initiative is a central sharia board of Islamic scholars that would oversee the sector. This could reduce costs for banks and increase the confidence of customers. Another project still in the planning stage is the world's first fully sharia-compliant export-import bank, which could spur the growth of Islamic trade financing.