IslamicFinance.de

A strategy centre that was tasked to implement a strategy for Dubai to become a global hub for the Islamic economy can report that progress was made on about 75 % of its initiatives to this date.
The Dubai Islamic Economy Development Centre, that was set up in 2013, stated yesterday it had held a board meeting on Tuesday which was attended by Sultan Al ¬Mansouri, the Minister of Economy as well as the chairman of the centre, to discuss these achievements.
The centre identified key sectors for developing three segments of Dubai‘s Islamic economy: Islamic finance, halal products and Islamic lifestyle including culture, art, fashion and family tourism.
The minister said: "Dubai and the UAE are instrumental in raising awareness about the culture of Islamic economy worldwide and boosting global interest in adopting its principles. The Islamic economy ¬strategy adopted by Dubai and the wider UAE is truly unique in its ability to foresee economic changes, offer secure investment options and utilise bonds to finance major projects across the globe."
Additionally the board discussed a number of new initiatives, including a proposal to set up a national re-takaful or Islamic re-insurance company and creating a central Sharia advisory body. On Tuesday the Cabinet approved on members for the Higher Sharia Board for Banking and Finance, which will bolster the Islamic finance industry. The board will be responsible for setting the "rules, standards and general principles for banking and financial activities complying with Islamic laws" and "a general framework for Islamic governance and fatwa issuance" in the UAE.