Regions

A Reuters report said Dubai had revealed plans to become the hub for Islamic business. The Gulf state intended to become the financial center for businesses following Islamic principles in the banking, insurance, food processing, tourism and education markets. Dubai's cosmopolitan lifestyles and relaxed commercial culture had not made the country popular or a leader in Islamic scholarship, the report said.

That would reportedly about to change. Officials said the religious beliefs of the 1.6 billion Muslims in the world would now be their focus. Dubai Holding Chairman Mohammed  al-Gergawi said, "The total foreign trade of the Muslim world is $4 trillion. This shows the potential that is available for Dubai." The emirate's ruler owned Dubai Holding.

Dubai also intended to become a central hub for the issuance and trading of sukuk or Islamic bonds. These bonds are issued and traded following Shariah law which prohibits the collection of interest. The country planned to rival Kuala Lumpur and London which are the main centers for the issuance of sukuk.