GIES organisers introduce partners

The organisers of the Global Islamic Economy Summit (GIES) have introduced some of the partners it is working with. The Dubai Chamber of Commerce and Industry, Dubai Islamic Economic Development Centre (DIEDC), and Thomson Reuters are collaborating to launch the third instalment of GIES.

Themed Inspiring Change, the summit will take place on October 11 and 12, 2016, in Madinat Jumeirah, Dubai, UAE under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai. The two-day event will discuss various aspects of the Islamic economy.

HE Majid Saif Al Ghurair, Chairman, Dubai Chamber, and Board Member of the DIEDC, said: “We cannot but express our gratitude to our esteemed partners for the tremendous efforts they have dedicated towards the success of the Global Islamic Economy Summit 2016. Renowned institutions from various economic sectors all joined hands with us to bring the summit to fruition, and, without their efforts, the event would not be the force-to-be-reckoned-with that it is today.”

At the top of the list of sponsors are two of the UAE’s leading banking and finance institutions: Abu Dhabi Islamic Bank (ADIB) and Dubai Islamic Bank (DIB). The banks are among the world’s most prominent institutions operating in the Islamic finance sector.

Dr Adnan Chilwan, Group CEO of DIB said, “The global Islamic finance sector continues its upward trajectory and is estimated to reach US$5 trillion by 2020. Driven by geometrically increasing demand emanating from more than 1.5 billion core consumers which form its niche, it is fast becoming a critical component of the financial system in many other jurisdictions including those previously considered non-core or non traditional. Whilst significant progress has been made since the inception of DIB more than 40 years ago, further innovation and enhancements must continue if the sector is to reach its ultimate goal of becoming a viable norm rather than an alternative."

Tirad Mahmoud, CEO, ADIB said: ”In line with our efforts to initiate and support initiatives that strengthen the position of the home of the UAE as the global capital for the Islamic economy, ADIB has been supporting the GIES since its inception and we are looking forward to yet another successful event this year. We believe this summit is an ideal platform for the various pillars of the global Islamic economy to share best practice and discuss the latest developments locally, regionally and globally.”

Diamond sponsor Dubai Silicon Oasis Authority (DSOA) is the regulatory body for Dubai Silicon Oasis (DSO), a wholly-owned entity of the government of Dubai that operates as an integrated free zone technology park for large enterprises, medium and small companies looking to set up their offices in Dubai. DSO is also home for Dubai Technology Entrepreneur Centre (DTEC), DSOA’s wholly owned technology incubation centre and the largest of its kind in the region. In less than one year from its official launch, DTEC has become home for more than 550 startups from 63 different nationalities.

Dr Mohammed Alzarooni, Vice Chairman and CEO of Dubai Silicon Oasis Authority (DSOA), said: “GIES 2016 marks the third edition of this definitive event that articulates Dubai’s ambitions to emerge as the global capital of Islamic economy. DSOA is committed to actively participating in the growth of the emirate’s Islamic economy sector that plays a significant role in shaping its post-oil economy. As a hub for tech businesses, we are especially dedicated to support the area of digital Islamic economy, a focus of the mandate set by our wise leadership. (The) Digital Islamic economy is a key driver of the growth we foresee for the larger Islamic economy sector, given its capacity to transcend geographical boundaries and initiate innovative solutions and products that are aligned to the principles of Islamic economy.

“We are also pleased to organise the second edition of DSOA’s Innovation 4 Impact Competition at the summit this year. This event reiterates our commitment to support technology start-ups, especially emerging Islamic digital economy entrepreneurs, from around the world. It will provide the innovators with an ideal platform to showcase their innovative ideas in the field.”

Source: Dubai Chamber. Al-Rais.

HE Tayeb Al-Rais, Secretary General of Awqaf and Minors Affairs Foundation (AMAF), said: “We are pleased to partner with the GIES that has achieved great success in the last two years. GIES has significantly strengthened Dubai’s position in Islamic economy on the regional and international levels. It has also promoted the emirate’s status as a leading model in endowment management, as well as in charitable and humanitarian work. We hope this year’s summit will build on these strengths and further enhance cooperation between all experts and stakeholders to forge a brighter future for our coming generations.”

Gold sponsor AMAF is a Government of Dubai entity mandated with overseeing the welfare of nearly 2,400 minor children through the development and management of ‘waqf’ (endowment funds) that provides for their support and care in line with shari’ah principles. AMAF makes investments on behalf of the minors and disburses the proceeds.

Tawreeq Holdings, a group based out of both the UAE and Luxembourg offering supply-chain finance for SMEs, is also a gold sponsor. Tawreeq developed the world’s first shari’ah-compliant Trade Receivables Securitisation Platform.

Fitch Ratings is a silver partner. The statistical ratings organisation boasts dual headquarters in New York City in the US and London in the UK.

In addition to the abovementioned key partners, Path Solutions joins the summit as an exhibitor. The company provides software solutions for the banking industry – ones that are tailored to be compatible with the specific needs of the Islamic finance industry.