The centre, to be opened in the second quarter of next year, is part of the emirate's plans to become a hub for Islamic business in areas ranging from banking and insurance to food processing, tourism and education.
The standards will not be compulsory for firms but the centre will issue sharia-compliance certificates to companies and banks meeting them, said Ali Ibrahim, deputy director general for planning and development at Dubai's Department of Economic Development.
The standards would cover issues such as corporate transparency and disclosure; certificates will not be issued for individual products, said Ibrahim, a member of the committee leading Dubai's Islamic business efforts.
The bulk of demand for the centre's services will come from United Arab Emirates firms, but over time the centre is expected to appeal to companies elsewhere, said Ibrahim, who is also a board member of Emaar Industries & Investments and Amlak Finance .
"The model will hopefully be universal and applicable to any company wishing to benefit from the standards."