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."

Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters, with support from the Dubai Islamic Economy Development Centre (DIEDC) released the 'Digital Islamic Economy Report' for 2015, in collaboration with DinarStandard. The report serves as a precursor to the second edition of the Global Islamic Economy Summit (GIES) that will be held from October 5-6 in Dubai, UAE. Among its key findings, the report estimates that the overall value contributed by Muslim consumers worldwide to the global digital economy in 2014 stood at US$107 billion, representing 5.8% of the total global digital economy. The report focuses on a new and a more specialized area of Digital Islamic Consumer Services.

A year after the emirate set out plans to be the Islamic economic hub, it's seven months behind schedule in setting up a centralised Sharia body that would help spur the emirate's sukuk market. Dubai is still deliberating with the federal government to establish the board, according to Abdulla Mohammad Al Awar, chief executive officer of the Dubai Islamic Economy Development Centre (DIEDC). While Islamic financial assets are set to almost double to $3.4 trillion by 2018, regulations in the industry are underdeveloped. Malaysia is one of the first countries to set up a Sharia authority as part of its central bank. The UAE Federal National Council, a half-elected advisory council with some parliamentary powers, plans to push for a central Sharia board.