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Islamic Finance in UAE
Islamic finance in UAE is financing activity that complies with sharia and its practical application through the development of Islamic economics. Few modes of Islamic finance are Murabahah, Mudarabah, Wadiah, Musharaka and Ijara.
Islamic banking started in the late 1970s with few institutions and gradually increased in the last few decades.
Dubai Islamic Bank is the first Islamic Bank in the world to incorporate with the Islamic principles. Dubai Islamic Bank was established in the year of 1975 and became the first commercial Islamic bank in the world.
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