Yes, SchemaExport is great !! but this tool can only create a schema for an existing database. My question is wheter SchemaExport can also create the actual database. 
I'm creating the database manually at this time, like this:
Code:
    try {
    Configuration cfg = new Configuration();
    DatabaseProperties dbprops = new DatabaseProperties(getDBDriver(),
        getDBDialect(), name, getDBURL(), dataPath, getDBUser(), getDBPass(), getShowSql(),getInstanceName());
      
     SessionFactory f = ( SessionFactory) this.getServerContext().getBean("asknowSessionFactory");
  String query = "CREATE DATABASE "+name;
  Session s = f.openSession();
  Transaction tx = s.beginTransaction();
  Connection conn = s.connection();
  java.sql.Statement st;
  st = conn.createStatement();
  st.execute( query ); 
  tx.commit();
     
  s.close();
     
  String url = dbprops.constructJDBCUrl(); 
  cfg.setProperty("hibernate.dialect", this.getDBDialect());
  cfg.setProperty("hibernate.connection.driver_class", this.getDBDriver()); //"net.sourceforge.jtds.jdbc.Driver");
  cfg.setProperty("hibernate.connection.url", url ); //"jdbc:jtds:sqlserver://localhost:1433/Test");
  cfg.setProperty("hibernate.connection.username", this.getDBUser()); //"sysdba");
  cfg.setProperty("hibernate.connection.password", this.getDBPass()); //"masterkey");
  cfg.addJar("xmls.jar");
         
  SchemaExport se = new SchemaExport(cfg);
  se.create(false, true);