Dubai To Emerge As Islamic Banking Hub, Says IDB President


News: Dubai would be considered as a hub for emerging Islamic markets as the use of Islamic finance is spreading beyond its traditional bases in the Gulf and South-East Asia, according to Jeddah-based Islamic Development Bank President Ahmad Mohamed Ali. Dubai is expected to play an important role as even countries as distant as central Asia and Africa would use it to gain expertise and financing channels while developing their own Islamic banking industries, Ali added. 'We want authorities here to give channels to these countries which are less developed, to benefit from the special position of Dubai as a hub,' Ali said (Arabian Business).

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Geography: United Arab Emirates