Dubai seeking licence for world’s first Islamic trade finance bank
A group of Dubai government officials and businessmen said that 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 UAE to obtain an Islamic wholesale banking license. Emirates Trade Bank will specialize in international trade and commodity financing, however no details of the new institutions structure or financial backing was made available. (Reuters)
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