The Crown Prince of Dubai, Chairman of The Executive Council of Dubai and General Supervisor of the Dubai the Capital of the Islamic Economy initiative HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has issued directives to hold Islamic Economy Week from 27 October to 1 November, 2018.
HH Sheikh Hamdan bin Mohammed said: "Guided by the vision of VP and PM of the UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum to transform Dubai into a global capital of the Islamic economy, we have made steady progress in implementing the strategy launched a few years ago to make this a reality.
"I look forward to productive discussions on effective ways of boosting Islamic economy growth and unlocking opportunities to advance sustainable global economic development. We are keen to encourage new creative approaches that can open fresh horizons that unleash the potential of the Islamic economy."
Sheikh Hamdan further said that the Islamic Economy Week promises to generate new ideas to harness the potential of the Islamic economy and its ethical systems to make it a greater force for sustainable growth.
HE Sultan bin Saeed Al Mansouri, UAE Minister of Economy and Chairman of the Dubai Islamic Economy Development Centre (DIEDC) said that the launch of Islamic Economy Week is in line with DIEDC’s strategy towards strengthening the status of Dubai as the global capital of the Islamic economy. Islamic
Economy Week is designed to spread the principles and ethics of
Islamic economy, while highlighting its pivotal role in overcoming the
emerging economic challenges.
He added that the initiative will spotlight the importance of the Islamic economy as a robust and less volatile alternative to conventional economies as was evidenced during the global financial crisis of 2008, which had revealed an urgent need for a more transparent economic system to ensure equitable wealth production and distribution. He also said that Islamic Economy Week supports the vision of Dubai and the UAE for comprehensive and long-term development, which are in line with the principles and ethics of the Islamic economy.
DIEDC directions
The 3rd DIEDC Board of Directors separately met for 2018 to discuss the most recent developments pertaining to the DIEDC 2017-2021 Strategy. In addition, members of the board reviewed Islamic Economy Week’s schedule of activities and approved its events, including the Global Islamic Economy Summit 2018 (GIES 2018) and Islamic Economy Award (IEA). Further, the board reviewed Dubai Airport Free Zone Authority’s Islamic economy strategy that will ultimately boost its role in positioning Dubai as a hub for halal trade.
HE Al Mansouri said: "The initiative to position Dubai as a global capital of Islamic economy has been gaining steady momentum since its launch in 2013, and even more so after the DIEDC strategy was updated in 2017."
He added: "DIEDC has succeeded in implementing its annual plan for 2018, which aims to accelerate the implementation of a number of initiatives listed in the 2017-2021 strategy. Our efforts are in line with the wise leadership’s objectives to achieve the goals of the National Agenda of the UAE Vision 2021 and reach the nation’s centennial as one of the top countries globally. DIEDC recognises the importance of building on the achievements made to date that have contributed to the UAE’s ranking as one of the 10 most advanced countries in some of the leading Islamic economy sectors."
Al Mansouri stressed that DIEDC will continue to cooperate with top institutions and stakeholders in devising mechanisms to accelerate the growth of Islamic economic sectors, especially Islamic finance that is expected to be valued at around US$3.8 trillion by 2022. The innovations will benefit from the flexibility of the Islamic economy, not only in terms of the technology keeping up with its ethics and principles, but also in terms of its ability to invest in smart solutions to serve a greater purpose, such as boosting socioeconomic stability and quality of life.
"We look forward to the outcomes of the 4th edition of the Global Islamic Economy Summit. We are at an important phase in the economic transformations that have begun to change the mechanisms of industrial and commercial activities and are significantly impacting global partnerships and cooperation.
"At the local level, Dubai and the UAE continue focusing on economic diversification and accelerating productive sectors that ensure the continuity of growth and sustainability of wealth. This is based on the plan to achieve the optimum economic development by 2071 to enable the country to celebrate its centennial as one of the most economically advanced countries in the world.
"We hope to accomplish this priority with the support of local and international talent and human resources, the adoption of advanced sciences and technologies, as well as the reliance on innovation, environmental sustainability and entrepreneurship. These policies and visions present us with a greater responsibility to enable Dubai and the UAE to attract those interested in the principles and ethics of Islamic economy and create new visions that accelerate the growth of Islamic economic sectors globally. We are confident that our efforts will take us closer to accomplishing the nation’s sustainable development goals, while achieving prosperity and stability for all societies," Al Mansouri said.
HE Essa Kazim, Secretary General of DIEDC, said: "Launching Islamic Economy Week and its innovative events and activities is a continuation of DIEDC’s approach to enhancing the awareness of the Islamic economy locally, regionally and globally. Most initiatives that have been designed with our strategic partners are making steady progress. During 2018, we have witnessed activities and events that have established Dubai as a global reference for innovation in the Islamic economy, especially with the launch of the 2nd edition of the FinTech Hive at DIFC and the International Innovative Platform for Islamic Economy Products (IIPIEP), as well as the Islamic Economy Fiqh* Forum that presented important recommendations to develop and globalise Islamic economic standards."
HE underlined the significant surge in the interest of international financial institutions in the Islamic economy, in a manner consistent with the growing culture of responsible investment around the world. As immediate outcomes, he noted, the principles of the Islamic economy are being largely recognised by new markets, while opening up new opportunities for youth in innovative sectors and guiding their choices towards a system that has proven its resilience in protecting wealth and providing sustained stability.
Kazim added: "DIEDC’s initiatives for financial institutions and investors seek to provide more growth opportunities in areas that had previously faced major challenges due to conventional financial ruling standards. The centre is working hard to unify these standards globally and is committed to closely collaborating with partners towards building an infrastructure for the Islamic economy, and an environment capable of addressing economic challenges around the world. Standardisation will also help investors achieve high growth at sustainable rates, as well as strengthen Dubai’s position as the global capital of the Islamic economy and a key attractive destination for investors from all over the world."
HE Abdulla Mohammed Al Awar, CEO of DIEDC, said: "Since early 2018, DIEDC has achieved several accomplishments that have contributed to the expansion of its international and regional presence. Increasingly, more and more institutions around the world are looking to benefit from the centre's experience as a global model. This is evidenced in the cooperation agreements that are being signed such as the MoU inked with The State Bank for Foreign Economic Affairs of Turkmenistan (TFEB) for the exchange of experiences and best practices in Islamic economy."
He added: "The centre's efforts over the past years, as well as the commitment of our strategic partners to the development of an institutional framework that stimulates the growth of the Islamic economy and facilitates the development of halal industry standards have resulted in the increased contribution of the Islamic economy to Dubai's GDP from 7.6% in 2014 to 8.3% in 2016. These results are a qualitative addition, not only to the development of the Islamic economy in Dubai but also to the successful journey of the UAE towards sustainable development as part of its post-oil economy vision. We are keen on supporting the nation’s drive to boost productive sectors and develop strategies that encourage responsible investment, entrepreneurship and innovation."
Al Awar indicated that during the remaining months of 2018, DIEDC will continue to implement its operational plans to strengthen Dubai’s position as the global capital of the Islamic economy. In cooperation with its strategic partners, DIEDC will also seek to accelerate the completion of activities listed in its 2017-2021 strategy and continue to explore the implementation of creative initiatives that contribute to the growth of Islamic sectors in the UAE and abroad.
Islamic Economy Week agenda
Islamic Economy Week was conceptualised five years after the launch of the Dubai: The Capital of Islamic Economy initiative. It will run from 27 October to 1 November. Event activities will utilise a 360-degree approach to
cover a spectrum of aspects that highlight Dubai as the global reference
for innovation in the Islamic economy sector.
The event hosts the 4th Global Islamic Economy Summit on 30 and 31 October at Madinat Jumeirah, during which the 6th Islamic Economy Award (IEA) ceremony will be held. It will also feature the first Islamic Creative Economy Competition (ICEC) and the Global Islamic Business Award.
The summit is held under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the summit is organised by DIEDC and the Dubai Chamber of Commerce and Industry in collaboration with Thomson Reuters as a strategic partner.
The flagship event will bring together influential policymakers and experts to address the greatest challenges and opportunities in Islamic economy. It will focus on the importance of trade opportunities, social development and ethical business investment.
The 6th IEA ceremony, organised by DIEDC in partnership with Thomson Reuters under the directives of HH Sheikh Hamdan, will take place on the sidelines of GIES 2018.
The first-of-its-kind Global Islamic Business Award will honour companies that serve not only its shareholders, but also its employees, customers, and the community at large, in accordance with Islamic values. Led by the Department of Economic Development in Dubai, the award is distributed based on the criteria of the Islamic Business Excellence Model developed by the Global Islamic Business Excellence Center. The model translates Islamic values into corporate governance practices and management enablers to create sustainable benefits for all stakeholders.
HE Sami Al Qamzi, Director General of the Department of Economic Development in Dubai and Vice Chairman of DIEDC, said: “The Global Islamic Business Award facilitates the integration of Islamic business excellence standards into economic activities across all sectors, while boosting competitiveness amongst organisations in shaping them to become exceptional sharia-compliant organisations.”
He noted that the award further enhances corporate social responsibility as a core priority for companies, and empowers societies by increasing societal happiness through contributing to sustainable development. In doing so, it embodies Islamic values. The award also aligns with the Dubai leadership’s drive to raise awareness of corporate social responsibility (CSR) through encouraging entities to do more than merely organise charity activities as part of their CSR mandates.
Islamic Economy Week will see the launch of events that disseminate the culture of Islamic economy and empower attendees with skills relevant to their sector. The event lineup includes:
- First Emirates International Accreditation Center’s pilot global assembly meet of halal certification bodies
- First joint DIEDC and Securities and Commodities Authority roundtables series at Nasdaq Dubai
- Session on international halal standards and schemes benchmarking for halal auditors by Halal Academy
- Mosques of the World exhibition at Jumeirah Grand Mosque
- Tawaaf exhibition at Alserkal Cultural Foundation by Dubai Culture
- Session addressing funding challenges in the next phase of Belt and Road Initiative at Hamdan Bin Mohammed Smart University
- A Music of the Spheres Islamic geometry workshop by Dubai Culture at Re: Urban Studio
- An Islamic Fintech – Innovations in Sustainable Finance workshop by Heriot Watt University
- A session on halal logistics in theory and practice by Karavan Management Consulting at Dubai Airport Freezone (DAFZA)
-A session on the State of the Global Islamic Economy in 2018 at Dubai International Financial Centre
- Halal Expo by Orange Fairs at Crown Plaza Dubai on Sheikh Zayed Road
- Islamic Economy: A new dimension in business excellence by the Department of Economic Development
- Digital Financial Inclusion: Morality, Risks and Regulation at the Etihad Museum
- A pitching skills workshop and a culture of innovation workshop by the Sharjah Entrepreneurship Center and Sajory respectively
- Sharia Governance in the UAE by the Sharia Departments Forum at Etihad Museum
- A Design a Memorable Brand for the Islamic Economy workshop with Peter Gould by Dubai Design & Fashion Council at Dubai Design District
- Social Entrepreneurship Priorities Across Islamic Economies session by GoodforceLabs
- Islamic Fin-Tech Entrepreneurship, a networking event by FinTech Hive at DIFC
- Role of Culture in Driving Global Innovation by Dubai Future Academy
Al Awar pointed out that the innovative activities planned for Islamic Economy Week will enhance the role of Islamic economy, increase its momentum, and highlight how to benefit from the opportunities it offers.
He said, “The centre is keen to celebrate the increased uptake of the Islamic economy culture and the strengthening of Dubai’s position as a global capital of Islamic economy. The Week has attracted many strategic partners that seek more sustainability for economies and will encourage others to move towards a better alternative. Islamic economy, which represents the most sustainable economic system, has become an urgent need to ensure socioeconomic stability. This makes our commitment at the centre even stronger in our continued efforts to expand the socioeconomic impact of its culture through innovative activities.”
The ICEC, designed by Dubai Culture in cooperation with DIEDC, will highlight creative ideas that redefine the relationship between culture, trade and technology. The competition will seek to encourage artists, innovators and entrepreneurs in expressing their artistic and creative vision. The winners of both the IEA and ICEC will be announced during GIES 2018.Saeed Al Nabouda, Acting Director General of Dubai Culture, said: “The competition aims to support startups in the Islamic economy space as a top priority, and to provide them with an appropriate platform to market their products and services. In doing so, it enhances awareness for Islamic economy and enables these startups to sustain their business. Through the award, we are confident we will step up our contribution to positioning Dubai as the global capital of Islamic economy, and a pioneering supporter of innovative solutions.”
*Fiqh (فقه) refers to the theory of Islamic law.