Dubai to launch global Islamic economy summit

[Al Bhatti]

August 12, 2013

Dubai to launch global Islamic economy summit

It will initiate dialogue on the development of integrated sectors

The Dubai Chamber of Commerce and Industry will launch the first Global Islamic Economy Summit in Dubai in November. The conference is aimed at bringing together leading thinkers and policy makers from around the world.

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 initiative

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.

Dubai to launch global Islamic economy summit | GulfNews.com

 

[Yzd Khalifa]

Amazing ( : Dubai is moving forward in all directions.

 

[Al Bhatti]

29 October 2014

Shaikh Mohammed, Shaikh Hamdan, Shaikh Maktoum and Mohammed Al Gergawi at the 10th World Islamic Economic Forum in Dubai on Tuesday.

Dubai’s vision on Islamic economy gets a boost

Experts call to unlock limitless opportunities for growth of Islamic economy.

Dubai’s drive to emerge as the global capital of the thriving Islamic economy received a defining boost on Tuesday as 2,700 delegates and Shariah experts from over 100 countries started exploring innovative partnerships for economic growth at the opening of the 10th World Islamic Economic Forum.

The three-day event, attended by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, along with several world leaders, started with a clarion call to unlock limitless opportunities for the growth of Islamic economy through cross-border partnerships.

Accompanying Shaikh Mohammed were Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai; Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; other Shaikhs and senior officials.

The forum’s call for increased solidarity and cooperation among Islamic countries came at a time when the $2.4 trillion Islamic economy continues to play a critical role in today’s global business environment.

As Islamic finance experts explored new opportunities for the world to leverage the potential for growth offered by Islamic finance, speakers stressed Dubai’s key initiatives, including a drive to transform the emirate into a global hub for sukuk, as key catalysts for the growth of sector.

“The world is facing many reasons for tense relations and regression in terms of development and this is happening in many of the Islamic countries. One of the reasons and purposes of Islamic banking is investment in land, the investment for the prosperity of nations and the happiness for human beings everywhere in the world,” said Mohammed Abdullah Al Gergawi, UAE Minister of Cabinet Affairs and Chairman of the Dubai Islamic Economy Development Centre.

Welcoming delegates from across the world, Hamad Buamim, President & CEO of Dubai Chamber, said the forum’s purpose was to create growth opportunities not only in the Islamic world, but globally.

He said the high-profile event would further define Dubai as the global capital of the Islamic economy, and present a new opportunity for the world to leverage the potential for growth offered by Islamic finance. “Our city’s development was shaped, and continues to be shaped, by the active participation of people from all around the world. Home to over 200 nationalities who work together in peace and harmony, Dubai is today recognised as a major business and finance hub as well as a global tourism, trade and logistics centre,” Buamim said.

Essa Kazim, Governor of Dubai International Financial Centre, said that fuelled by the booming industries in the GCC region and Southeast Asia, the Islamic finance industry is booming and will double over the next five years to over $3.4 trillion. “Islamic finance is a key pillar of Dubai’s Capital of Islamic Economy vision, and an area of expertise in Dubai’s finance sector. With the establishment of the Dubai Islamic Economy Development Centre in 2013, we have begun witnessing growth across the various sectors that represent Dubai’s strategy.”

Kairat Kelimbetov, Governor of the National Bank of Kazakhstan, said his country served as the gateway to Islamic securities in the CIS region. He highlighted the importance of linking Islamic finance to project financing for promoting durable financial stability.

Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, said as the sukuk market becomes globally prosperous, it has “the potential to close financing gaps in necessary infrastructure financing in Asia, the Middle East and Africa. The Middle East alone has a funding need worth two trillion dollars”, he pointed out.

Tun Musa Hitam, chairman of the WIEF Foundation, which has organised the forum in collaboration with the Dubai Chamber and Dubai Islamic Economy Development Centre, said: “We do hope that holding this year’s annual forum in Dubai symbolically indicates our best wishes and confidence in Dubai’s success.”

Dubai’s vision on Islamic economy gets a boost - Khaleej Times

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8 December 2014

UAE leads Islamic economy index

Global report iterates Dubai’s role as an incubator of knowledge for the industry


The State of the Global Islamic Economy Report on Sunday iterated Dubai’s leading role as an incubator of knowledge for the Islamic economy industry.

Dubai Islamic Economy Development Centre (DIEDC), in partnership with Thomson Reuters and in collaboration with the Dinar Standard launched the 2014-2015 report for the second consecutive year, and introduced the ‘Global Islamic Economy Indicator (GIEI).

The GIEI presents the current development health of Islamic economy sectors across 70 core countries. The UAE, Malaysia and Bahrain lead this inaugural composite Index.

The report, which indicates the continuing build-up of the Islamic economy momentum, estimates that global expenditure of Muslim consumers on food and lifestyle sectors grew 9.5 per cent from previous years’ estimates to $2 trillion in 2013 and is expected to reach $3.7 trillion by 2019 at a compound annual growth rate of 10.8 per cent. This forms the potential core market for halal food and lifestyle sectors.

In addition, this report estimates Islamic finance assets at $1.66 trillion in 2013. Islamic funds and sukuks led year-on-year growth with 14 per cent and 11 per cent, respectively, whereas Islamic banking experienced a five per cent drop in its assets. The report estimates the potential universe of Islamic finance assets in its core markets to be $4.2 trillion in 2014.

Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said: “Dubai has achieved great milestones in key sectors of the Islamic economy with the support of DIEDC and other major players in the field. The growth is testimony to the wisdom and vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, who has provided Dubai’s economy with a roadmap for a sustainable development, in line with the UAE Government’s strategy to become one of the leading countries in the world by 2021.”

Mohammed Abdullah Al Gergawi, chairman of the DIEDC Board, said: “The launch of the… report reiterates our commitment to nurture a knowledge-based Islamic economy... We in the UAE are proud of the leading role played by our institutions in supporting the development of the Islamic economy locally and globally.

Essa Kazim, Secretary General of DIEDC, said: “The purpose of the report is to inspire and empower entrepreneurs, industry leaders, and investors to evaluate and develop an actionable, practical, and high impact market strategy focused on growing the opportunities for Islamic economy in their markets.”

Abdulla Mohammed Al Awar, CEO of DIEDC, said: “The key findings of the report and the 2014 index are an important value addition to our ongoing efforts in developing the Islamic economy across strategic sectors.”

Nadim Najjar, managing director, Middle East and North Africa, Thomson Reuters, said: “Thomson Reuters has harnessed the power of its enterprise in partnership with the DIEDC and Dinar Standard, to provide groundbreaking insights on the available opportunities in Islamic economy and the possibilities for advancement of this rapidly emerging market segment.”

Although still in its early days, the report focuses on core sectors of the global Islamic economy and their ecosystem that have through Islamic values structurally impacted consumer lifestyles and
business practices. Collectively these majors sectors are: Islamic finance, halal food and lifestyle sectors (fashion, travel, pharmaceutical and cosmetics, media and recreation).

Food market: Global Muslim spending on food and beverages has increased 10.8 per cent to reach $1,292 billion in 2013.

The potential core halal food market registered 17.7 per cent of global expenditure in 2013 compared to 16.6 per cent the year before.

Top countries with Muslim consumer food consumption are Indonesia ($190 billion), Turkey ($168 billion), Pakistan ($108 billion) and Iran ($97 billion), based on 2013 data.

Meanwhile, the UAE, Malaysia and Australia lead the Halal Food Indicator that focusses on the health of the halal food ecosystem a country has relative to its size.

A special focus report on Halal Food logistics estimates logistical costs for the potential global halal food market to be $151 billion in 2013. Global Muslim spending on outbound tourism has increased 7.7 per cent to reach $140 billion in 2013 excluding Haj and Umrah. This is 11.6 per cent of global expenditure and expected to reach $238 billion by 2019.

The UAE, Malaysia and Singapore lead the Halal Tourism Indicator that focuses on the health of the family-friendly tourism ecosystem a country has relative to its size.

Global Muslim consumer spending on pharmaceuticals has increased 2.1 per cent to reach $72 billion in 2013.

Top countries with Muslim pharmaceutical consumers are Turkey ($8.9 billion), Saudi Arabia ($5.9 billion), Indonesia ($4.9 billion), and Iran ($3.7 billion.)

Global Muslim spending on cosmetics increased one per cent to reach $46 billion in 2013. Top countries with Muslim cosmetics consumers are the UAE ($4.9 billion), Turkey ($4.4 billion), India ($3.5 billion), and Russia ($3.4 billion), based on 2013 estimates.

UAE leads Islamic economy index - Khaleej Times