MIDEAST MONEY-Some banks win, some lose in Dubai's "Islamic economy"

April 16, 2015 10:10 AM

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SYDNEY/DUBAI, April 16 (Reuters) - Dubai's drive to develop its Islamic finance sector is fuelling growth of sharia-compliant banking but the benefits are unevenly distributed, with some lenders struggling to compete against burgeoning competition.

In 2013, Dubai's government announced plans to turn the emirate into a centre for an "Islamic economy" with sharia-compliant businesses ranging from banking to asset management, trade, food preparation and certification, fashion, education and tourism.

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