DUBAI Oct 12 A group of Dubai government
officials and businessmen said they were close to obtaining
regulatory approval to create the world's first fully
sharia-compliant bank devoted to trade finance.
The founding committee is in advanced discussions with the
central bank of the United Arab Emirates to obtain an Islamic
wholesale banking licence, the Dubai Islamic Economy Development
Centre, a government-backed body, said on Wednesday.
Emirates Trade Bank will specialise in international trade
and commodity financing, the centre said, without giving details
of the new institution's structure or financial backing.
Dubai, a top trans-shipment hub for trade in the region,
said in 2014 that it was considering whether to set up such a
bank. Although Islamic retail and corporate banking are growing
around the world, sharia-compliant business is still only a tiny
part of global trade finance.
(Reporting by Andrew Torchia; Editing by Catherine Evans)