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Fri 2 Jun 2017 10:04 AM

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Dubai says on course to become global Islamic economy capital

Chairman of Dubai Islamic Economy Development Centre says 75% of its targets have already been met

Dubai says on course to become global Islamic economy capital
Sultan bin Saeed Al Mansouri, Minister of Economy and chairman of DIEDC.

The Dubai Islamic Economy Development Centre (DIEDC), which aims to establish the emirate as the global capital of the Islamic economy, has announced that it has met 75 percent of its targets.

Sultan bin Saeed Al Mansouri, Minister of Economy and chairman of DIEDC, announced "remarkable progress" in Islamic finance, halal trade and industry, and Islamic lifestyle.

The aim is to increase the share of halal products in the country’s trade by collaborating with international markets to grow the Islamic economy system worldwide.

Al Mansouri said: “The Dubai: Capital of Islamic Economy strategy gains momentum from the initiatives adopted by Dubai and the UAE in many vital sectors including industry, energy, sustainable development, and science.

"I have the utmost appreciation for the efforts of DIEDC’s partners for their efforts in executing the milestones of the initiatives within set deadlines.”

He added: “I commend our partners on their contributions that helped us make significant headway across more than 75 percent of our initiatives within such a short time span.”

He said Dubai and the UAE are playing an "instrumental" role in raising awareness about the culture of Islamic economy worldwide and boosting global interest in adopting its principles.

Abdulla Mohammed Al Awar, CEO of DIEDC, said Dubai is exploring the possibility of establishing a national re-takaful company, as well as setting up a central sharia advisory entity to streamline the provision of sharia review services to Islamic financial institutions in the UAE.

Board members also agreed on the urgent need to increase spending on research in the field of Islamic sciences and culture in a bid to support the country’s plans to develop a post-oil economy based on knowledge, innovation, and science.

The board meeting also discussed ways of enhancing the UAE’s global position in charity and humanitarian work, developing the endowment segment, and reinforcing the role of takaful insurance to achieve the ultimate objectives of Islamic economy – social justice and universal well-being.

In January, Dubai launched an updated strategy for 2017-2021 to establish the emirate as the capital of the Islamic economy.

At the heart of the strategy are three key pillars – Islamic finance, Halal sector, and Islamic lifestyle that includes culture, art, fashion and family tourism.

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