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| Source: DIEDC, Dubai Chamber and Thomson Reuters. HH Sheikh Hamdan (centre) with winners of the 5th Islamic Economy Award. |
HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and General Supervisor of the Dubai Capital of Islamic Economy initiative, today honoured the winners of the 5th Islamic Economy Award in a ceremony held under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai, UAE.
Launched by the Dubai Islamic Economy Development Centre (DIEDC) and organised by the Dubai Chamber of Commerce and Industry (Dubai Chamber) and Thomson Reuters, the awards were presented to global and local business establishments in recognition of their innovative, world-class business initiatives and shari'ah-compliant ideas that contribute to the social and economic welfare of the Muslim population.
Ibrahim bin Mohammed bin Ibrahim Alsubeaei, Chairman of the Board at Masic, Saudi Arabia received the Lifetime Achievement Award 2017 on behalf of his father, the late Mohammed bin Ibrahim Alsubeaei, former co-founder of Bank Al Bilad, KSA for his contributions to the Islamic economy as well to charity.
- The Money and Finance category award was received by Yielders from the UK, an organisation offering shari'ah-compliant investment opportunities.
HE Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of Dubai Islamic Economy Development Centre, said: "The award ceremony is not only a celebration of individual and collective contributions that are driving the growth of Islamic economy sectors locally and internationally, but also a celebration of Dubai’s initiatives and the vision of HH Sheikh Mohammed bin Rashid Al Maktoum that responded to the urgent global need to develop an ethical and integrated economic system."
Al Mansouri said DIEDC’s updated strategy and new initiatives, implemented in collaboration with its strategic partners, have created a favourable legislative and regulatory environment for Islamic economic institutions to ensure their significant contribution to the GDP through diversifying the sources of income and attracting foreign investment.
"Today, (the) Islamic economy has a strong presence in the global economic orientation towards stimulating growth, sustainability and equity in development. This presence is exemplified in the interest of governments, private sector institutions and investors from around the world in identifying and developing a greater understanding of the principles and standards of Islamic financial products.
“In its first edition, the Islamic Economy Award garnered 148 participants from 31 countries. Since then, we have arrived at a total of 1,100 applications from 48 countries. These facts are proof of the success and growth that the Islamic economy is achieving and the wide reach that it is gaining across the world. In these facts, we also find concrete proof of the realisation of the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai, for Dubai to become the capital of the Islamic economy.”
HE Majid Saif Al Ghurair, Chairman of the Dubai Chamber of Commerce and Industry and Member of the Board of the Dubai Islamic Economy Development Centre highlighted the importance of the Islamic Economy Award in supporting the development of the Islamic economy sector. “The fifth edition of the Islamic Economy Award is a continuation of our efforts to establish Dubai as a global capital for Islamic economy.
"Dubai Chamber's support for this award stems from its belief that recognising innovators is one of the most effective ways to encourage and stimulate activity within the Islamic economy sector, which has become an engine of sustainable growth for Dubai.”
Abdulla Mohammed Al Awar, CEO, Dubai Islamic Economy Development Centre, said: “The Islamic Economy Award celebrates individuals and organisations who have been instrumental in shining a positive light on the Islamic economy. We live in an ever-evolving society where technological advancements are bolstering the nature of innovative solutions. However, without the human component present behind the steering wheel, these innovative solutions would not come to fruition.”
He added: “Today’s winners will serve as tomorrow’s mentors as we continue to nurture those with drive and innovative solutions aimed at bringing the Islamic economy to the forefront of the regional and global economic landscape.”
Hashtag: #IEAward
Launched by the Dubai Islamic Economy Development Centre (DIEDC) and organised by the Dubai Chamber of Commerce and Industry (Dubai Chamber) and Thomson Reuters, the awards were presented to global and local business establishments in recognition of their innovative, world-class business initiatives and shari'ah-compliant ideas that contribute to the social and economic welfare of the Muslim population.
Ibrahim bin Mohammed bin Ibrahim Alsubeaei, Chairman of the Board at Masic, Saudi Arabia received the Lifetime Achievement Award 2017 on behalf of his father, the late Mohammed bin Ibrahim Alsubeaei, former co-founder of Bank Al Bilad, KSA for his contributions to the Islamic economy as well to charity.
- The Money and Finance category award was received by Yielders from the UK, an organisation offering shari'ah-compliant investment opportunities.
- The award in the Food and Health category went to Emirates International Accreditation Center (EIAC), a governmental accreditation body based in Dubai that grants halal accreditation to conformity assessment bodies worldwide.
- The Media category award was given to OnePath Network from Australia, a film production studio that uses media to showcase the beauty and harmony of Islam.
Recipients in other categories included US-based Divine Connect in the Hospitality and Tourism category, Ihsan Trust from Pakistan in the Waqf and Endowments category, Dubai Technology Entrepreneur Centre (Dtec) – Dubai Silicon Oasis Authority from the UAE for the SME Development category, and the International Shariah Research Academy for Islamic Finance (ISRA) from Malaysia in the Islamic Economy Knowledge Infrastructure category. Modanisa from Turkey was presented with the Islamic Arts category award.
Recipients in other categories included US-based Divine Connect in the Hospitality and Tourism category, Ihsan Trust from Pakistan in the Waqf and Endowments category, Dubai Technology Entrepreneur Centre (Dtec) – Dubai Silicon Oasis Authority from the UAE for the SME Development category, and the International Shariah Research Academy for Islamic Finance (ISRA) from Malaysia in the Islamic Economy Knowledge Infrastructure category. Modanisa from Turkey was presented with the Islamic Arts category award.
HE Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of Dubai Islamic Economy Development Centre, said: "The award ceremony is not only a celebration of individual and collective contributions that are driving the growth of Islamic economy sectors locally and internationally, but also a celebration of Dubai’s initiatives and the vision of HH Sheikh Mohammed bin Rashid Al Maktoum that responded to the urgent global need to develop an ethical and integrated economic system."
Al Mansouri said DIEDC’s updated strategy and new initiatives, implemented in collaboration with its strategic partners, have created a favourable legislative and regulatory environment for Islamic economic institutions to ensure their significant contribution to the GDP through diversifying the sources of income and attracting foreign investment.
"Today, (the) Islamic economy has a strong presence in the global economic orientation towards stimulating growth, sustainability and equity in development. This presence is exemplified in the interest of governments, private sector institutions and investors from around the world in identifying and developing a greater understanding of the principles and standards of Islamic financial products.
"The Islamic economy has placed Dubai and the UAE at the centre of this international orientation, making the country a key incubator of its standards, cultures and innovations. And here lies the importance of the Islamic Economy Award that helps innovators present models for the future of this promising economic system.”
He added: "The opportunity today is more favourable than ever to promote the Islamic economy. China's One Belt One Road initiative, where Islamic finance products such as sukuk are playing an important role in financing the projects associated with the initiative, is an outstanding example of what can be achieved. We are also witnessing the growth of small and medium-sized enterprises and a new generation of companies that have benefited from the lessons learned in the aftermath of the global financial crisis and are looking for product quality, sustainable growth and safe investment.
He added: "The opportunity today is more favourable than ever to promote the Islamic economy. China's One Belt One Road initiative, where Islamic finance products such as sukuk are playing an important role in financing the projects associated with the initiative, is an outstanding example of what can be achieved. We are also witnessing the growth of small and medium-sized enterprises and a new generation of companies that have benefited from the lessons learned in the aftermath of the global financial crisis and are looking for product quality, sustainable growth and safe investment.
"Concerted international efforts are underway for the timely implementation of the 2030 Sustainable Development Goals, which will leverage investments with a positive social impact, promote awareness of resource sustainability and environmental safety, in addition to promising long-term local and regional plans and programmes aimed at achieving economic diversification and reducing dependence on oil. The Islamic economy is closely aligned with these efforts to achieve sustainability.”
HE Sami Al Qemzi, Vice Chairman of Dubai Islamic Economy Development Centre, said the winners are essential partners for Dubai and the wider UAE in their efforts to contribute to the growth and sustainability of an Islamic economy. “For the fifth year in a row, Dubai, the potential capital of the Islamic economy, recognises and celebrates innovators that echo the principles and values of the Islamic economy and understand how necessary it is to contribute to the development of its various sectors. Their resilient efforts remarkably support the Islamic economy in fulfilling its sustainable development goals, both regionally and on a global scale," he said.
HE Sami Al Qemzi, Vice Chairman of Dubai Islamic Economy Development Centre, said the winners are essential partners for Dubai and the wider UAE in their efforts to contribute to the growth and sustainability of an Islamic economy. “For the fifth year in a row, Dubai, the potential capital of the Islamic economy, recognises and celebrates innovators that echo the principles and values of the Islamic economy and understand how necessary it is to contribute to the development of its various sectors. Their resilient efforts remarkably support the Islamic economy in fulfilling its sustainable development goals, both regionally and on a global scale," he said.
“In its first edition, the Islamic Economy Award garnered 148 participants from 31 countries. Since then, we have arrived at a total of 1,100 applications from 48 countries. These facts are proof of the success and growth that the Islamic economy is achieving and the wide reach that it is gaining across the world. In these facts, we also find concrete proof of the realisation of the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai, for Dubai to become the capital of the Islamic economy.”
HE Majid Saif Al Ghurair, Chairman of the Dubai Chamber of Commerce and Industry and Member of the Board of the Dubai Islamic Economy Development Centre highlighted the importance of the Islamic Economy Award in supporting the development of the Islamic economy sector. “The fifth edition of the Islamic Economy Award is a continuation of our efforts to establish Dubai as a global capital for Islamic economy.
"Dubai Chamber's support for this award stems from its belief that recognising innovators is one of the most effective ways to encourage and stimulate activity within the Islamic economy sector, which has become an engine of sustainable growth for Dubai.”
Abdulla Mohammed Al Awar, CEO, Dubai Islamic Economy Development Centre, said: “The Islamic Economy Award celebrates individuals and organisations who have been instrumental in shining a positive light on the Islamic economy. We live in an ever-evolving society where technological advancements are bolstering the nature of innovative solutions. However, without the human component present behind the steering wheel, these innovative solutions would not come to fruition.”
He added: “Today’s winners will serve as tomorrow’s mentors as we continue to nurture those with drive and innovative solutions aimed at bringing the Islamic economy to the forefront of the regional and global economic landscape.”
Hashtag: #IEAward