The emirate hopes the new standards will reduce disputes between scholars, issuers and investors over what types of debt structures are permissible and attract more business to its market.
Last month, DFM, which runs Dubai's securities markets, published a draft of its proposals and gave the industry until Feb 28 to comment. DFM plans to hold a hearing in early March and then issue the final version of the standards later that month.
That schedule is lightning-fast compared with the slow pace of discussions on reform in most of the Islamic finance industry a sign that Dubai sees a business opportunity in the strong growth of the global sukuk market.
New issues of sukuk, which under religious principles are structured to avoid the payment of interest, jumped to about US$121bil worldwide in 2012, according to Thomson Reuters data, from around US$85bil in 2011. Kuala Lumpur and London are major trading centres.
Jarhi said other sukuk standards, such as those of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions, were issued when the global market had not built up much experience.
Those standards focused largely on classifying various types of sukuk, rather than clarifying whether they conformed to religious principles, he said.
He said that in contrast to sukuk standards in other centres, Dubai's would contain comprehensive rules on what guarantees could be attached to sukuk.