Dubai: The Capital of Islamic Economy

Dubai: The initiative "Dubai the Capital of Islamic Economy" was launched in early 2013 when the Islamic economy sector was added to the main sectors of Dubai's economy. The initiative was announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, with the aim of diversifying the UAE national economy and boosting it with a new vital sector, making Dubai the world capital of Islamic economy. H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council was commissioned to oversee the development of the Islamic economy sector to become one of the key sectors in Dubai. An open and resilient economy capable of adapting to various changes has allowed the UAE in general and Dubai in particular to absorb the Islamic economy sector as an integral part of their active economic sector. The leadership of the UAE and the Emirate of Dubai realised, from the outset, the importance of this sector. Therefore, Dubai was a pioneer and a trendsetter in the establishment of the first Islamic bank in the world in the 1970s and in hosting the first financial Islamic market. All of this has reinforced Dubai's open culture as part of the principles of its Islamic economy which encourages work and social solidarity and gives priority to social issues. The initiative "Dubai the Capital of Islamic Economy" seeks to provide comprehensive solutions in order to support the sectors of both the Islamic economy and the national economy, so as to diversify them and ensure their steady development sustained through the high-quality performance of their main sectors including commerce, retail, tourism, aviation, hospitality and financial and logistic services. His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, called for establishing the Higher Committee for Development of the Islamic Economy sector to serve as an integrated system and adopt a series of programs and initiatives under the initiative "Dubai the Capital of Islamic Economy". His Highness was keen on including in the committee representatives from various vital sectors under the main branches of the initiative "Dubai the Capital of Islamic Economy", with the intention of achieving the goals for the sake of which this initiative was adopted. Each committee member shall head a main branch of the Islamic economy. Multiple working groups from the various relevant government agencies have been formed to develop action plans and mechanisms for the implementation of the various initiatives. The Supreme Committee for developing the Islamic economy sector is composed of: The Chairman of the Committee: Mohammed Abdullah Al Gergawi - Minister of Cabinet Affairs and Chairman of the Sheikh Mohammed bin Rashid Al Maktoum's Executive Office The Vice Chairman: Sami Daen Al Qamzi - The Director General of Dubai Department of Economic Development (DED) Members Abdul Aziz Al Ghurair - Vice Chairman of Dubai International Financial Centre, Hussain Nasser Lootah - Director General of Dubai Municipality, Dr. Hamad Al-Shibani - Director General of the Dubai Islamic Affairs and Charitable Activities Department, Abdul Rahman Saif Al Ghurair - Chairman of Dubai Chamber of Commerce and Industry, Hussain Al-Qemzi - Chairman of Awqaf and Minors Affairs Foundation. Secretary General: Essa Kazim, Managing Director and Chief Executive of Dubai Financial Market (DFM) A. Dubai - a world centre of the instruments : The initiative "Dubai Global Sukuk Centre" aims to transform Dubai into one of the main centres for the issuance, listing and trading of Sukuk at the global level, relying on Dubai's extensive experience in this field, a large financial market that enjoys the confidence of investors and represents an integrated platform that is a global leader in terms of regulations and operations, in addition to the availability of a large number of banking and financial institutions that are based in the emirate. In support of the initiative and with the purpose of contributing the development of the Islamic Economy Sector, a number of institutions and national companies such as a Dubai Electricity and Water Authority (DEWA), Emirates Airlines and Sharjah Islamic Bank, have listed Sukuk on Nasdaq Dubai, the international exchange of the region. B. Cooperation with the Islamic Development Bank The Memorandum of Understanding between the "Dubai Capital of Islamic Economy" initiative and the Islamic Development Bank was signed in support of the parties' efforts in the development of Islamic economy and the Islamic finance industry in the UAE. The two parties will develop a number of initiatives and strategic partnerships in support of the Islamic economy Sector specifically, and the national economy in general. C. Dubai Centre for Islamic banking and finance The "Dubai Centre for Islamic banking and finance" was launched with the aim of supporting efforts to strengthen Dubai 's position as a global capital of the Islamic economy, and in line with the ambitious vision and guidance of the leadership. The centre was launched in cooperation between the "Dubai the capital of Islamic Economy" initiative and the Hamdan bin Mohammed e-University, where the centre will provide academic programs based on three pillars: human capital development, scientific research and community service. D. Global Islamic Economy Summit The Global Islamic Economy Summit, which will be organised by Dubai Chamber of Commerce and Industry (DCCI) during the period 25th '&' 26th November 2013 in collaboration with Thomson Reuters, aims to create a platform for dialogue and exchange of views and ideas on the methods and mechanisms of development sector within the Islamic economy. Moreover, the summit provides a platform to meet with leading experts and decision-makers, and specialists in this field, and the perfect occasion to review the various opportunities and solutions for the development of the Islamic Economy. The summit will discuss six major themes of the Islamic sector of the economy which Islamic finance , halal food , and I'm lifestyles , family and travel , and the development of small and medium - sized enterprises , in addition to the axis of the infrastructure of the Islamic Economy Sector. E. Islamic Economy Award The "Dubai the Capital of Islamic Economy" initiative has created the Islamic Economy Award is an effort to develop the Islamic Economy sector and in support of a number of strategic initiatives. The award will honour business leaders in the region and the world, who have provided the best innovative solutions globally, that are compatible with Sharia's standards. The aim of the "Islamic Economy Award" is to recognise extraordinary leadership in the region and in the world who played an active role on the business and social levels, within 14 categories, namely: 1. Islamic finance: Government/ private sector/ non-profit Islamic micro-finance initiatives 2. Halal Food: Agriculture, ingredients '&' manufacturing; retail; logistics; research '&' product development and food services 3. Awqaf: Government managed and private Awqaf/Waqf management services 4. Halal Travel: Hospitality; tourism; meetings, incentives, conferences '&' exhibitions (MICE); healthcare and Hajj/Ummrah 5. Sukuk: Corporate or sovereign Sukuk issuing entities 6. Halal Pharma/Cosmetics: Cosmetics; personal care' pharmaceuticals 7. Islamic Insurance: Takaful and Re-Takaful 8. Halal Media/entertainment: Shows, publications, social media, mobile apps 9. Islamic Banking: Leading Islamic bank 10. Halal Fashion/ Islamic Art: Clothing brands, fashion designers, artists 11. Islamic Funds: Leading Islamic fund managers 12. SME Development: Technology '&' innovation; VC financing; incubation and training 13. Islamic Economy: Research '&' Education 14. Islamic Economy: Compliance '&' Standardisation. – Emirates News Agency,