IslamicFinance.de

Dubai has the resources to become the capital of the world’s Islamic economy following an initiative by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister, and Ruler of Dubai, according to Mohammed Al Gergawi, chairman of the Dubai Islamic Economy Development Centre (DIEDC). Gergawi added that Islamic economy is expected to have a potential value of nearly seven trillion (Dh25 trillion) in 2020. In his opinion Dubai possesses the resources that make it the capital of the world’s Islamic economy, such as experience, the strategic location and the necessary infrastructure.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as Ruler of Dubai, has issued Law No 13 of 2013 on the establishment of the "Dubai Islamic Economy Development Centre". He also issued Decree No 42 of 2013 to form the Centre's Board of Directors, to be chaired by Mohammed Abdullah Al Gergawi. The decree is effective from the date of issuance. The Centre will have legal personality and financial and administrative independence as well as the legal capacity necessary to direct all actions and behaviours to achieve the goals of the Centre. Promoting Dubai regionally and globally as a main centre for Shariah-compliant goods and services, building a database on Islamic economic activities and encouraging recourse to arbitration in related Islamic economic activities disputes are among the key objectives of the Centre.

The initiative to transform Dubai into the world’s capital of the Islamic economy is progressing steadily towards the goals as scheduled, said Mohammed Abdullah Al Gergawi, Chairman of Dubai’s Islamic Economy Higher Committee. During its meeting, the committee viewed the work of its major teams tasked with implementing the initiative. The meetings provide an opportunity to discuss the role of these sectors in the implementation of the initiative, he added. All strategic partners and experts are included in these meetings and workshops so as to exchange views and ideas on the initiative, and reach a form of fruitful and constructive cooperation. Dubai’s Islamic economy platform includes finance instruments, insurance, contracts arbitration, Islamic food industry and trade standards (halal food), and quality management standards.