ISLAMABAD: Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has said that the first goal of the strategy launched two years ago to develop and promote Dubai as the global capital of Islamic economy has been achieved.
Shaikh Mohammed hailed the achievement made by Dubai that has overtaken other financial centres in listing Islamic bonds on its exchanges. Shaikh Mohammed made these remarks as he chaired a meeting of the board of directors of Dubai Islamic Economy Development Centre, Khaleej Times reported.
"Islamic finance is the most important sector of Islamic economy and sukuk are one of the most important tools of this sector. Today we are the world's biggest centres for sukuk, but our vision is even wider and more comprehensive as it takes in seven major sectors of Islamic economy," Shaikh Mohammed added.
Shaikh Mohammed added: "We want an Islamic economy that has a global vision and local cadres to serve our national economic interests because the fast-paced global economic developments make it mandatory for us to quicken the pace of diversifying our national economy."
Sukuk listed on Dubai's two exchanges, Nasdaq Dubai and Dubai Financial Market, rose to US$36.7 billion (Dh134.38 billion), according to Thomson Reuters data.
Nasdaq Dubai accounts for the substantial chunk of US$33 billion, while Dubai Financial Market accounts for US$2.75 billion.
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