The recommendation was made by Sultan bin Nasser Al Suwaidi, Governor of the UAE Central Bank, while addressing a meeting of the governors of central banks and monetary agencies of member states of the Organisation of the Islamic Conference.
The meeting took place on the sidelines of the annual International Monetary Fund/World Bank conference in Turkey.
"The proposed stock market will act as an alternative when global financial markets stop trading at time of crisis," the UAE official said.
He also briefed the meeting about proactive measures taken by the UAE to tackle the world financial crisis since September 2008. Earlier, Al Suwaidi had also said Middle Eastern countries need more developed bond markets to reduce their dependence on external financing.
