The Dubai government will on Monday launch an Islamic bank that aims to become one of the oil-rich Gulf’s leading financial institutions, exploiting a growing pool of petrodollar liquidity and increasing demand in this conservative region for banking services that comply with Islamic strictures.

Noor Islamic Bank will open with a network of 10 branches across the United Arab Emirates, doubling the number of outlets next year, while also eyeing potential overseas acquisitions in the Middle East and other countries with large Muslim populations in Africa and Asia, according to Hussain Al Qemzi, its chief executive.