Dubai is mulling plans to set up a sharia-compliant Export-Import bank (Exim) to assist in financing the export of the UAE's goods and services to international markets.

The move aims to boost Dubai's focus of establishing itself as a key centre for facilitation of international trade and well as its bid to become the world's capital for the Islamic economy.

The Department of Economic Development of the Government of Dubai has commissioned a project to assess the feasibility and subsequent establishment of an Exim Bank, it said in a statement.

"The bank will provide a multiple range of products and services aimed at supporting trade flows into and out of the UAE. The view is to assist businesses in the UAE to grow their trade flows by providing risk mitigation, financing and market access," the statement said.

It added that the proposed bank will be the first fully sharia compliant institution of this nature.

Sami Dhaen Al Qamzi, director general of Dubai DED, said: "Dubai has one of the best infrastructures to serve as a regional hub for international trade flows and remains focused on further investing and enhancing this position. It is our aim to double trade flows over the next five years.

"The Exim Bank aligned to some of the best global operating models will support the achievement of this objective and further enhance our existing position."

Dubai DED has engaged Noor Investment Group to act as an exclusive advisor for the project.

Dr Ahmed Al Janahi, deputy CEO of Noor Investment Group and Noor Bank, said: "A dedicated team from Noor Investment Group is conducting the initial financial, administrative and marketing studies for the project... the bank will focus on enhancing Dubai's international trade as we move towards Expo 2020, pursuant to the strategic objectives of the emirate of Dubai that aims at establishing the UAE as the capital for international trade."

The new financial institution will be mandated in dealing directly with international bodies and organizations as well as other Exim banks around the work for promoting UAE trade.