அளவற்ற அருளாளனும் நிகரற்ற அன்புடையோனுமாகிய எல்லாம் வல்ல அல்லாஹ்வின் திருப்பெயரால் துவங்குகிறேன்
அஸ்ஸலாமு அலைக்கும்,
Patrick Michael and Mustafa Al Zarooni / 6 October 2013
Shaikh Mohammed, Shaikh Hamdan, Shaikh Maktoum, Shaikh Majid, other Shaikhs and business leaders at the ceremony in Dubai on Saturday. — Wam
1/3 
An ambitious initiative to transform Dubai into the world capital of Islamic economy was launched on Saturday by b Vice-President and Prime Minister of the UAE and Ruler of Dubai. The timely initiative, led by a high-level task force, comes as the thriving global Islamic finance market is forecast to expand from $1.6 trillion in assets to between $2 trillion and $3 trillion by 2015.
The task force, the Higher Committee for the Development of Islamic Economy, has been given six months to draw up the strategy and 36 months to implement the blueprint with 46 strategic initiatives.
Shaikh Mohammed revealed seven of these initiatives at the launch of the ‘Dubai — Capital of Islamic Economy’ initiative in the presence of Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council; and Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of Dubai Media Incorporated (DMI).
“The continued developments and changes in the global economy increase the need to constantly diversify the structure of our national economy. Our firm principle in the UAE is not to rely on one single economic resource or sector. The Islamic economy is not new to us. In fact we have accumulated considerable expertise in this field and our aim is the global arena,” said Shaikh Mohammed.
“In the UAE, we excel at the public-private sector partnership, where both sectors work as one team. Therefore, I am optimistic about the success of the Islamic economy sector and about placing Dubai on the international economic map as the global destination of choice that provides Islamic products, finance and services as well as raising the standards for the management and quality of this sector to new levels.
“Our aim from all economic initiatives we launch is to improve the quality of life and providing opportunities that ensure a prosperous future for coming generations,” added Shaikh Mohammed.
He directed all stakeholders to coordinate their efforts in light of the strategic plan for developing the Islamic economy sector and to support this sector by continuously launching strategic initiatives and programmes.
Mohammed Abdullah Al gergawi (centre) speaking at the ceremony. — Wam
The ceremony was attended by Federal National Council Chairman Mohammed Ahmed Al Murr, Dubai Culture and Arts Authority Chairman Shaikh Majid bin Mohammed bin Rashid Al Maktoum, Chief of Dubai Police Lt. General Dhahi Khalfan Tamim as well as a number of ministers, heads and directors of government departments, leaders of the business community and media representatives.
Shaikh Hamdan bin Mohammed said: “The strategic plan for developing the Islamic economy sector is a road map for the future which sets the frameworks for uniting the efforts of various institutions and parties operating in this sector in line with the vision of Shaikh Mohammed to position Dubai as the global capital of the Islamic economy.”
“When Shaikh Mohammed specified the goal, he wanted an Islamic economy sector with a global vision and with local human resources to serve our national economic interests. His vision was to turn Dubai into the future global capital of the Islamic economy,” he added.
“The vision is clear. The determination is high. The leadership is decisive. The operational teams are ready, and the obstacles ahead will be met by exceptional people,” said Shaikh Hamdan.
The Higher Committee for the Development of Islamic Economy has been formed under the patronage of Dubai Crown Prince Shaikh Hamdan.
The second quarter of 2014 will see the establishment of an Islamic Governance Centre in Dubai with other initiatives being:
— Establishing Dubai as the hub for sukuks or Islamic bonds and all Islamic financial services;
— Establishing the emirate as a trusted name and solution provider to the $4 trillion global halal food industry and its hub with an accreditation centre;
— Drawing a legal framework with legislative and regulatory bodies for the Islamic market. Currently, Dubai’s sukuk market attracts Dh46 billion and plans to reach Dh60 billion in the next three years;
— Promote Dubai’s position as a centre for family tourism;
— Be the pioneer of the Islamic digital economy, which will promote Dubai as an oasis and incubator for the development of electronic programmes, applications and games, a platform for Islamic e-Commerce, a global centre for Islamic media, and a pioneering and incubating environment for the Islamic digital economy;
— Cement Dubai’s position as a centre for Islamic design and architecture, a global destination for showcasing and trading of various types of Islamic arts, and a global centre for design, display and retail of conservative fashion and;
— Be the world-class centre for Islamic economy standards and certification.
“Islamic banking is not just for Muslims but for all. It will transcend religious and political differences,” Mohammed Abdullah Al Gergawi, Minister for Cabinet Affairs, told Khaleej Times on the sidelines of the conference.
“Islamic finance conforms to the principles of the Holy Quran which forbids the use of interest but allows Muslims to make use of financial products such as sukuks and takaful, or insurance, without fear of breaking religious laws.
“It is ethical and everyone can benefit from it,” said Al Gergawi. “It will also help build relationships between Islamic and non-Islamic economies.”
According to Eisa Kazim, Governor of the Dubai International Financial Centre, the total GDP of the world’s Islamic nations stands at $8 trillion.
The Dubai initiative will also help meet the needs of the global $1 trillion Awaqf market as also the re-takaful market that is worth $11 billion globally by establishing re-takaful companies.
At the eighth World Islamic Economic Forum in Malaysia in 2012, deals worth an estimated £5.8 billion ($9.2 billion) were struck. Now Dubai is set to host its Islamic Economy Summit in November immediately after London hosts the ninth forum — the first time the event has been held outside the Muslim world.
The top 20 Islamic banks in the Gulf region have grown some 20 per cent in the past 18 months compared with the nine per cent growth of conventional banks, as per a recent report. Across the entire supply chain of the Islamic banking industry, there are strong and positive growth vibes.
The sale of Islamic bonds, for example, rose exponentially to $5.7 billion as at May 2012, compared with only $500 million during the first five months of 2011.
The strategic plan “will not only diversify the national economy, but also enhance it by adding a new vital sector that will further enrich Dubai’s outstanding reputation in the economic field and establish it as the global capital of the Islamic economy,” said Shaikh Hamdan.
-news@khaleejtimes.com
