New body will be made up of Islamic scholars specialising in financial law
Dubai is planning to set up a global Fiqh league, made up of Islamic scholars, to help the emirate establish itself as the world's Islamic economy capital.
The plan was discussed at a recent board meeting of the Dubai Islamic Economy Development Centre (DIEDC) as part of its refreshed strategy 2017-2021.
At the meeting, chaired by Sultan bin Saeed Al Mansouri, Minister of Economy and chairman of DIEDC, board members approved in principle several initiatives including the Fiqh league and a global education platform dedicated to strengthening Islamic economy sectors.
Al Mansouri said: "DIEDC continues to design and launch crucial initiatives to enable the growing Islamic economy to meet the surging demand for its products and services within the local and international markets."
He confirmed that the global Fiqh league will be the first international, legally independent non-profit scientific body of its kind in the world.
Set to complement the role of the Higher Sharia Board for Islamic Banking and Finance, the league will comprise a group of Islamic scholars specialised in financial jurisprudence.
The new entity will encourage global economic sectors to support the Islamic economy, help expand its footprint in local and international markets, and manage Islamic economic knowledge.
The launch of the global Fiqh league will "enrich outcomes and improve efficiency in dealing with the latest developments in capital markets, especially with regard to the globalisation of investments", a statement said.
Under a separate initiative, DIEDC will collaborate with the Hamdan Bin Mohammed Smart University to establish an educational platform for Islamic economy.
The platform will serve as a unified global reference source on the principles and ethics of Islamic economy, and allow educational institutions that teach Islamic economy to connect and exchange information on their programmes and best scientific practices.
Al Mansouri said: "There is still much to learn about Islamic economy and how to leverage its diverse sectors to achieve stable and sustainable growth. The educational platform will underpin the efforts of academic institutions to explore scientific disciplines in various fields of Islamic economy.”