IslamicFinance.de

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.

AED1.05bn (US$410m) have been set aside by the government of the UAE in order to clear defaulted debts which Emirati nationals owe. According to a recent statement, the Higher Committee of the Nationals' Defaulted Debts Settlement Fund has given its approval for this sum complying with a directive by the Gulf state’s president HH Sheikh Khalifa bin Zayed Al Nahyan. The directive states that rescheduling of loan repayments by indebted citizens is not to exceed half of their monthly income. Banks on the other side have agreed to cut interest on monies owed by 1%.

The gesture came in response to a call from President Sheikh Khalifa bin Zayed Al Nahyan. The money was handed over to the UAE Red Crescent Authority (RCA).