Essa Kazim, the chairman of Borse Dubai, which owns the emirate's biggest financial markets, is looking forward to a wave in sukuk activity as Dubai seeks to become a global centre for Islamic business.
Mr Kazim, who is also secretary to the committee set up to oversee the Islamic strategy, told The National: "Three years ago, Nasdaq Dubai was the biggest market in the world for sukuk issuance. It is possible to regain that advantage if we see a wave of new sukuk and other Islamic activity.
"Sukuk issuance and listing is one of the areas where Dubai can be a hub, as part of the broader strategy to capitalise on our existing infrastructure and build a full Islamic economy," added Mr Kazim.
Implementation of the strategy is still at "an early stage," he added.
The "essential thing" was to create a regulatory body in Dubai to supervise the Islamic strategy, unifying the Sharia-compliant boards that exist in most financial institutions in the UAE.
"There is a need to converge towards one standard. There is of course debate among Islamic scholars, but it would be good as a first step to develop a Dubai standard."
The Dubai Financial Market, of which Mr Kazim is also chief executive, has branded itself a "Sharia-compliant stock exchange."
