28.02.2013 - Dubai to setup watchdog for Islamic financial products
The government of Dubai has announced its plans to establish a central Sharia board to oversee all Islamic financial products used in the emirate. The move is also expected to further develop an interest in the Islamic financial markets by encouraging government-linked entities to issue and list sukuk on the local equity market. The plan has been envisaged to strengthen Dubaiís reputation in the Islamic finance market and make it a global hub for all financial transactions based on Islamic principles. However, Dubai is expected to face stiff competition from London and Malaysia, which have a sound Islamic finance system and are actively involved in trading of sukuk (Islamic bonds). Currently, besides Malaysia, few countries have a central regulatory board and most Gulf countries have a decentralized model of regulation. ..............................................Full Article: Source
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