Dubai takes the lead on Islamic economy

Dubai takes the lead on Islamic economy

2013-10-07 11:12:25
WAM ABU DHABI, 7th October, 2013 (WAM) — A UAE paper has commended Dubai’s decision towards establishing itself as the global capital for the Islamic economy.
His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has launched a drive to build Dubai’s Islamic economy, which will be coordinated by the new Higher Committee for Development of Islamic Economy, headed by Sheikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.
The launch focused on practical steps to build Dubai’s Islamic economy, and heard from six Dubai government departments on what they will do to boost the Islamic economy, in an overall plan which has seven areas of broad activity, including 46 separate initiatives, the Gulf News commented today in its editorial.
Three key areas are to make sure that Dubai is the leading hub for sukuk and Islamic financial services; that Dubai builds itself into becoming the natural centre for finding and setting standards for halal goods and services, including products and certification; and that Dubai becomes the thought leader for writing global legislation for regulation of the Islamic markets.
According to the paper, the size of the Islamic economy is vast. The total gross domestic product of the world’s Islamic nations is more than $8 trillion, even if much of that economic activity would not be specifically Islamic. That said, the global Islamic economy is estimated to be growing at a rate of 10 to 15 per cent per annum, with Islamic finance and Islamic insurance being the two main sectors that are driving this growth.
Demand for Islamic finance instruments is due to exceed $421 billion by 2017, while Islamic insurance, called Re-Takaful, globally worth $11 billion, is due to reach $20 billion in the next six years.
WAM/AM

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