Dubai Trade News
Dubai to launch global Islamic economy summit
The summit will be organised in partnership with Thomson Reuters and will initiate dialogue on the development of integrated sectors of the Islamic economy, covering Islamic financial services, halal manufacturing and related lifestyle sectors.
“As part of the ‘Dubai: Capital of Islamic Economy’ initiative, the Global Islamic Economy Summit 2013 offers that one point of focus highlighting a world of opportunities in the Islamic economy. And there’s no better place to do it than Dubai, the geographic and economic nexus of the Islamic world and a melting pot of citizens from hundreds of countries and dozens of cultures,” said Mohammad Abdullah Gergawi, Minister of Cabinet Affairs, and Director General of Dubai Executive Council and Chairman of the Executive Office.
The scale of opportunities and challenges within the global Islamic economy will be assessed at the summit. The six pillars of an Islamic economy — Islamic finance, halal food, halal lifestyle, halal travel, SME development and Islamic economy infrastructure — will be major discussion points at the summit.
“As a growing global business and leisure destination, Dubai is an ideal choice to become the capital of the Islamic economy. The UAE is already one of the biggest markets in the region for Islamic banking and we see major opportunities to enhance the halal food industry, develop trade policies and commercial laws and Islamic tourism among other sectors. The Global Islamic Economy Summit will be the ideal platform to explore these ideas and begin a constructive dialogue for future growth and development,” said Abdul Rahman Saif Al Ghurair, chairman, Dubai Chamber.
Earlier this year, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, had launched an initiative to turn the emirate into a global Islamic economy capital.
The global Islamic economy is estimated at $4 trillion, with a consumer base of 1.6 billion Muslims.
Adnan Yousuf, chairman of the Union of Arab Banks, told Gulf News that these initiatives will not only protect the UAE economy but also have a positive impact on the Gulf economy overall. “These initiatives will open a new channel of investments and cash flow into the region,” he said. “In the coming five years, the Islamic economy will represent 40 per cent of the overall economy.” He said that the first Islamic economy infrastructure has its roots in Bahrain decades ago and other Gulf countries have also started implementing all the necessary legal and financial infrastructures for Islamic economy where Dubai comes at the forefront.