Dubai is shifting focus to Islamic finance, an industry whose assets may double by 2015, as a drought in initial share sales prompts banks such as Credit Suisse Group AG to cut jobs.
The Persian Gulf emirate plans to create an Islamic finance council to regulate equity and fixed-income products as it seeks to become a hub for the industry, taking on centres such as Malaysia, home to the world’s biggest sukuk market, and Bahrain. Islamic finance will become one of the economy’s “core” industries, the government said last week………………………………………..Full Article: Source