The participants discussed the outcomes of a workshop held on 8 December outlining the strategic goals and future objectives for Islamic economy and also examined steps forward for the Centre and its partners in developing initiatives and programme implementation mechanisms.
His Excellency Sultan bin Saeed Al Mansoori emphasised that in order to realise the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to position Dubai as the capital of Islamic economy, DIEDC needs to continually adapt its Islamic economy strategy to reflect emerging trends across the sector’s dynamic pillars.
The Emirates Islamic Bank recently organised an ‘Innovation Day’ where various internal teams shared and showcased their innovations with working prototypes, to the bank’s management.
Emirates Islamic staff across business units participated in the event, designed to ideate and showcase innovative solutions in banking and financial technology. Emirates Islamic’s Innovation Day was aligned with the National Innovation Strategy launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai as a primary tool to achieve UAE Vision 2021 in the finance and banking sector.
Commenting on the bank’s push toward innovation, Jamal Bin Ghalaita, CEO of Emirates Islamic said: “Banking today demands an innovative and fresh approach to keep pace with the evolving needs of our customers. Tapping into our internal talent pool for ideas allows us benefit from their varied skills and experience to create products that match customers’ expectations and needs.
Vice President and Prime Minister of the #UAE, Sheikh Mohammed bin Rashid Al Maktoum said that the Islamic Economic system offers a real opportunity for economic, commercial and financial growth. He added that the Islamic Economic system has been tested by various international financial institutions and the UAE has started reaping the benefits of this system. Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said Dubai is set to launch ambitious projects as part of a plan to transform the city into the capital of the Islamic Economy by 2021. Sheikh Hamdan made these remarks ahead of the start of the third Global Islamic Economy Summit in Dubai. He expressed his hope that the Summit would also discuss how Islamic Economy instruments can stimulate the development of the private and public sectors.
Noor Bank has committed its support to the art and design exhibition at the Global Islamic Economy Summit (GIES 2016). GIES 2016 is scheduled between 11-12 October at the Madinat Jumeirah Hotel in Dubai and is under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum. The summit is anticipated to convene more than 2,000 policymakers to discuss key developments of the Islamic economy sector. Speaking on the bank’s participation in GIES 2016, Hussain Al Qemzi, CEO of Noor Bank, said that this event deeply resonated with Noor Bank’s core values. Noor Bank is looking forward to showcasing the exhibition which features signature art works of this year’s emerging artists alongside established names in the field.
Organised by the International Centre of Islamic Economy and the Dubai Airport Freezone Authority, the event is part of efforts to encourage innovation and creativity in the development of new products as key additions to the international Islamic economy. The two-day event will be held in conjunction with UAE Innovation Week which was launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, in line with of the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, upon declaring 2015 as the ‘Year of Innovation’. The international platform is poised to attract more than 300 participants including top-notch financial and economic experts, decision makers and representatives from official, supervisory, regulatory, legislative and executive entities to share the latest innovative ideas related to Islamic economic sectors.
Dubai has achieved the 1st goal of its strategy aimed at making the emirate the global capital of Islamic economy, the UAE’s VP and PM and Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum has said. His remarks came after a report showed that Dubai has overtaken other financial centres for listing Islamic bonds on its exchanges. Sukuk listed on Dubai’s 2 exchanges, Nasdaq Dubai and Dubai Financial Market, rose to $36.7-B (Dhs 134.38bn) in Y 2015, according to a study by Nasdaq Dubai. According to a report the global Islamic economy has a potential value of $6.7 -T and is bigger than most of the economies in the world except China and the United States. The report estimates that Muslim consumers’ global expenditure on the media, food, and lifestyle sectors such as cosmetics and tourism is forecast to touch $2.47-T by Y 2018.
In a recent announcement SHUAA Capital made known that its wholly-owned subsidiary - Gulf Finance Corporation - has engaged with the UAE Central Bank for a license which shall serve to establish an Islamic Window for some of its financing activities. The plans of Gulf Finance include the submission of the necessary applications in the first quarter of 2013. It is expected to be market-ready in the spring of 2013, subject to regulatory approvals. The proposed programme to offer Islamic financial services is consistent with the vision of Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE and Ruler of Dubai. He recently explained the necessity to establish a platform of Islamic economic products and services aiming to grow the Islamic economy.
Dubai Bank was saved by Emirates NBD under instructions from Sheikh Mohammed Bin Rashid Al Maktoum, Dubai’s ruler. Dubai Bank is owned by the government, which also has a 55% stake in Emirates NBD.
Rick Pudner, CEO of ENBD, stated that Dubai Bank will be capitalized by ENBD to the extent considered necessary.
Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, has assigned Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum as the new chairman of the board of directors of Noor Islamic Bank.
On the other side, Sheikh Mohammed appointed Sheikh Ahmed bin Saeed Al Maktoum as the new chairman of the board of directors of EmiratesNBD bank.
It is now official that the Dubai government, acting under directions from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, Ruler of Dubai, has taken over Dubai Bank with no delay.
It seems that the government will put an unspecified amount of cash into DB, completely weakening the holdings of Dubai Holding and Emaar Properties.
The ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, today announced the setting up of a tribunal to decide the disputes related to the settlement of the financial position of Dubai World and its units reported Bloomberg, citing a statement from his the ruler's press office.