UAE unveils initiative to build unified global legislative framework for Islamic finance – Saudi Gazette

UAE unveils initiative to build unified global legislative framework for Islamic finance – Saudi Gazette

UAE unveils initiative to build unified global legislative framework for Islamic finance. Launched by the UAE Ministry of Finance in partnership with the IDB, and the Dubai Islamic Economy Development Centre, DIEDC, the global legislative framework is set to enable the Islamic economy to expand its reach and responds to calls for greater standardization within the sector.. Today, we are reaping the fruits of those efforts and the UAE is considered a global centre for Islamic finance after becoming the first country to establish an Islamic bank that provides integrated banking services in compliance with Islamic law, and ranking first across various Islamic economic and finance indicators worldwide.". Al Mansouri added: "The legislative framework for Islamic economy will lead to a vertical and horizontal expansion of the sector globally due to the number of member countries in the Islamic Development Bank.. Organizers of Arabian Travel Market announce launch of ATM Virtual.