Table of Contents
Frequently Asked Questions
What is the Islamic Economics Researches & Studies licence and what activity code does it use
The Islamic Economics Researches & Studies licence is a formal commercial licence issued in Dubai under Activity Code 7220.99. It falls within ISIC Division 72, covering Research and Experimental Development on Social Sciences and Humanities.
It permits structured research, analysis, and advisory work focused on Islamic economic principles, Sharia-compliant finance models, and related policy studies. Holders may also organise seminars, workshops, and training linked to Islamic economic thought.
Who is the Islamic Economics Researches & Studies licence designed for
The licence is designed for academic researchers, Islamic finance consultants, think tanks, Sharia advisory firms, and institutional research units that need a formal commercial footing to operate within the Islamic economy.
It is equally suited to corporate research departments, NGOs, and government-linked bodies that commission or produce Sharia-compliance studies and economic impact reports.
What activities are not permitted under this licence
This is not a financial services licence. It does not permit fund management, investment advice, or banking activity of any kind.
Businesses requiring those functions must seek separate authorisation from the Central Bank of the UAE. Attempting to conduct regulated financial activities under Activity Code 7220.99 would place a business outside its licensed scope.
What is the size and significance of the global Islamic economy for licence holders
The global Islamic economy is valued at over $3.6 trillion, according to the State of the Global Islamic Economy Report. Dubai sits at the centre of this market, with UAE government strategy actively embedding Islamic finance and Sharia-compliant research into national economic planning.
Banks, sovereign wealth funds, and multilateral bodies consistently require credible Islamic economic research for product development, compliance frameworks, and policy positions — creating a substantial and ongoing pipeline of demand for licensed research and advisory firms.
What are the main steps to set up an Islamic Economics Researches & Studies licence in Dubai
The process involves six core steps. First, choose your jurisdiction — mainland via the DED or a free zone such as Meydan. Second, reserve your trade name through the relevant portal. Third, prepare incorporation documents including passport copies, a business plan summary, and a No Objection Certificate if currently visa-sponsored in the UAE.
Fourth, submit your application citing Activity Code 7220.99 explicitly. Free zones typically process applications within 3–5 working days. Fifth, obtain the licence and open a corporate bank account, applying for visas as needed. Sixth, register for corporate tax with the Federal Tax Authority, which is mandatory for all UAE entities.
What is the difference between setting up on the mainland versus a free zone for this licence
Both the mainland (DED) and free zones such as Meydan offer 100% foreign ownership following the UAE's 2021 ownership amendments. The key practical differences relate to market access, cost structure, and operational flexibility.
Mainland licences provide full access to the UAE domestic market and are better suited to firms serving local government or corporate clients directly. Free zones like Meydan offer cost-efficient packages that suit solo operators and small research firms, though direct mainland trading may require a local distributor or additional approvals.
What corporate tax obligations apply to a business holding this licence
All UAE entities, including those holding the Islamic Economics Researches & Studies licence, are subject to the UAE's federal corporate tax regime. The rate is 9% on taxable income above AED 375,000; income at or below that threshold is taxed at 0%.
Registration with the Federal Tax Authority is mandatory regardless of turnover. Businesses should factor compliance costs — including accounting and filing requirements — into their setup planning from the outset.
Why is Dubai specifically advantageous for Islamic economic research and advisory businesses
Dubai's position as a regional headquarters city for multinationals, financial institutions, and sovereign entities creates a consistent demand for Sharia-compliance advisory and Islamic economic research. This demand is structural, not cyclical, and is reinforced by UAE government strategy that actively supports Islamic finance and knowledge economy operators.
Sector-specific incentives are outlined by Invest in Dubai, and World Bank data confirms the MENA region's expanding Islamic finance sector as a long-term driver of specialised research demand — a trend that shows no sign of reversing.
Islamic Economics Researches & Studies License in Dubai
Banks, governments and multilateral bodies all need credible research on Islamic economics before they build a product or set a policy. Somebody has to produce that research, and activity code 7220.99 is the license that lets you do it commercially.
This guide covers what the code permits, the firm line between research and financial services, who commissions the work, and how to get licensed.
Key Stats at a Glance
What This License Covers
Code 7220.99 permits structured research, analysis and advisory work on Islamic economic principles, Shari'a-compliant finance models and related policy studies. In practice you can:
- Conduct and publish Islamic economic research
- Produce studies and reports on Shari'a-compliant economic models
- Advise corporates, governments and NGOs on Islamic economics
- Organise seminars, workshops and training linked to Islamic economic thought
What It Does Not Cover
This is not a financial services license, and the distinction is absolute.
You cannot manage funds, give investment advice, or carry out banking activity of any kind under this code. Those functions need separate authorisation from the Central Bank of the UAE. Doing them under 7220.99 puts you outside your licensed scope.
The line is easy to hold if you think about what you deliver. A report on how a Shari'a-compliant instrument works is research. Telling a client to buy one is advice, and that needs a different license. Firms in this space get asked to cross that line regularly, usually by clients who do not realise they are asking.
Who Your Clients Will Be
The license is built for academic researchers, Islamic finance consultants, think tanks, Shari'a advisory firms and institutional research units. It works equally for corporate research departments, NGOs and government-linked bodies that commission or produce Shari'a-compliance studies and economic impact reports.
On the buying side, the demand comes from banks developing products, sovereign wealth funds setting positions, and multilateral bodies building compliance frameworks. These are institutions that need work they can cite, which means they pay properly for it.
Mainland or Free Zone
Meydan Free Zone suits solo researchers and small firms, with cost-efficient packages and full foreign ownership. If your intended clients are UAE government bodies, the mainland route is worth the extra cost and time.
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Step-by-Step Setup Guide
- Step 1, choose your jurisdiction: Mainland or free zone, decided by whether your clients are local institutions or international ones.
- Step 2, book your trade name: Through the DET portal or your chosen free zone portal.
- Step 3, prepare your documents: Passport copies, a business plan summary, and a No Objection Certificate if you are currently visa-sponsored in the UAE.
- Step 4, submit your application: Cite activity code 7220.99 explicitly. Free zones usually process within 3 to 5 working days.
- Step 5, get your license and open a bank account: Apply for investor or employee visas once the license is issued.
- Step 6, register for corporate tax: Mandatory for every UAE entity, whatever your turnover.
Compliance and What You Need in Place
Corporate tax
Registration with the Federal Tax Authority is mandatory regardless of turnover. The rate is 9% on taxable income above AED 375,000, and 0% at or below that. Build accounting and filing costs into your setup planning rather than treating them as an afterthought.
No sector regulator, but real limits
There is no sector-specific regulatory body governing pure research under 7220.99. That is a meaningful difference from financial advisory work, which needs oversight from the Securities and Commodities Authority or the Central Bank. The absence of a regulator makes setup easy; it does not widen what you are allowed to do.
Ongoing obligations
Annual license renewal, audit requirements for certain entity types and sizes, VAT registration above AED 375,000 turnover, and MOHRE registration if you hire staff on the mainland.
Costs and visas
Free zone packages for this activity typically start from AED 12,000 to AED 18,000 a year including the establishment card. Mainland costs vary with office commitments and DET fees. Visa allocation follows your office tier, and most small research firms work comfortably with two to six visas. Confirm the quota before committing if you plan to build a team.
Market Opportunity
The UAE is a designated global hub for the Islamic economy, and that is embedded in national economic planning rather than being an incidental strength. Government strategy actively supports Islamic finance, the Halal industry and Shari'a-compliant research infrastructure.
The demand that follows is institutional and steady. Dubai's role as a regional headquarters city means a constant flow of corporate clients needing Shari'a-compliance advisory and economic impact studies. Invest in Dubai sets out incentives relevant to knowledge economy operators, and World Bank data shows the MENA region's Islamic finance sector expanding, which drives specialised research demand over the long term.
Conclusion
The Islamic Economics Researches & Studies license is a clean, low-friction way into a sector Dubai actively supports. Setup is quick, the regulatory overhead is far lighter than a financial services license, and the demand from banks, governments and multilateral institutions is real.
The one thing to be disciplined about is scope. Research and advisory on Islamic economics is what this license covers, and anything touching fund management or investment advice belongs under a different authorisation.
Use the cost calculator to estimate your setup budget, or speak to the Meydan Free Zone team to confirm the right structure for your research operation.
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