The Board of Directors of the Dubai Islamic Economy Development Centre (DIEDC) today approved the launch of a digital Islamic economy portal, a first-of-its-kind initiative for the Islamic economy that will serve as a global reference for the nascent sector.
Chaired by His Excellency Mohammed Al Gergawi, and attended by His Excellency Eissa Kazim, Secretary General of DIEDC as well as members of the board, the meeting also reviewed the preparations for the launch of the portal that has been designed as a strategic partnership between the Dubai Islamic Economy Development Centre and Thomson Reuters.
Targeting institutional as well as retail users, the portal that was first conceptualised in December 2014 as a ready reckoner on the Islamic economy will include dedicated segments on finance, food, tourism, pharmaceuticals, cosmetics, fashion, media/recreation, healthcare, and education. Specifically, the portal will provide consumers, experts and investors with information, data and statics related to Islamic economy and help monitor markets and growth updates in the main sectors of Islamic economy.
His Excellency Mohammed Abdullah Al Gergawi, Chairman of the Executive Office of His Highness Sheikh Mohammed bin Rashid Al Maktoum and Chairman of the Board of DIEDC, said: “The portal will bolster Dubai’s position as a global knowledge capital and serve as a n accurate reference on Islamic economy. Dubai’s experience, knowledge and advanced technological infrastructure make the emirate a prime resource for establishing a path-breaking digital platform that generates content related to Islamic economy.”
The fourth board meeting of 2015 also finalised the agenda of the upcoming second edition of the Global Islamic Economy Summit (GIES) and overviewed preparations for the event that is set to run in Dubai from 5-6 October 2015, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
GIES 2015 will focus on the role of Islamic economy as a sovereign development tool and catalyst in achieving much-needed stability in the world economy. Participants will discuss the latest developments in Islamic economy and explore ways of leveraging them to incentivise the public and private sector to implement and benefit from Islamic finance tools.
Furthermore, the meeting reviewed the latest developments related to the implementation of DIEDC’s initiatives in line with the seven pillars strategy of the ‘Dubai: Capital of Islamic Economy’ initiative.
Dubai has recently strengthened its position as the capital of Islamic economy and leading centre for sukuk with the total global sukuk listed on Dubai’s exchanges registering AED135 billion following the latest listing of AED22 billion of sukuk by Indonesia.
His Excellency Al Gergawi said: “We are at a historic turning point in the development of the Islamic economy with Dubai outpacing global financial markets in sukuk listing and achieving a significant milestone in its journey to become the capital of Islamic economy. The listing of four issues of sovereign sukuk by Indonesia, the largest Muslim country in the world, ushers in a new era of growth in the use of sukuk as an investment development tool and strengthens Dubai’s positon as global leader in Islamic sukuk. Maintaining this position will mean doubling our efforts in all our future initiatives and transactions.”
He added: “The world is today looking with interest at Dubai’s achievements and innovative ideas that drive growth in Islamic economic sectors and help create an integrated ecosystem for realising tangible economic growth. There is still much to be done, especially in relation to unification of standards and finding common parameters among concerned Islamic economy stakeholders to drive growth in different halal sectors as well as accomplish integration among various Islamic economy sectors.
“DIEDC seeks to enable all stakeholders to create and innovate in order to support the growth of Islamic economy sectors in line with Dubai’s vision to be a pioneer and lead the process with regard to responsible investments based on Islamic principles.”
At the fourth DIEDC board meeting, CEO Abdullah Mohammed Al Awar provided a comprehensive presentation on the latest developments and activities of the Centre and proposed initiatives. He also outlined preparations for the Global Islamic Economy Summit that is being organised by DIEDC in collaboration with Dubai Chamber and Thomson Reuters.