Dubai Ruler Inaugurates 1st Global Islamic Economy Summit

GIES-logoUAE Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, has stressed that investing in the future is a core of the country’s strategies and policies.

He added that the UAE is steadily heading towards adding the Islamic economy as a new area of excellence in the international community.

Sheikh Mohammed added that the excellence is not to imitate others, but rather innovating a new quality services and initiatives that add value to the Islamic economic sector and consolidate Dubai’s competitiveness as a capital of Islamic economy. He said, “If history is being written now, the future is being made here in the UAE With determination of our people, we are set to be the world’s Islamic economy capital.”

Sheikh Mohammed’s statement was made after he inaugurated the Global Islamic Economy Summit (GIES), in presence of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Sheikh Majed Bin Mohammed Bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority, Sheikh Mansour Bin Mohammed Bin Rashid Al Maktoum, Mohammed Bin Abdullah Al Gargawi, Minister for Cabinet Affairs, Chairman of Executive office of the Ruler of Dubai and Chairman of the Supreme Committee for the Development of the Islamic Economy’s sector and a number of ministers, Arab and foreign representatives and senior officials.

Over 2,000 attendees took part in the first day of the Summit, which is organised by Thomson Reuters and the Dubai Chamber of Commerce, in conjunction with the Dubai Capital of the Islamic Economy initiative.

The Summit kicked off with a keynote speeches delivered by Obaid Al Tayer, UAE Minister of State for Financial Affairs, and Ahmed Ali Al-Madani, President of Islamic Development Bank.

Sheikh Mohammed also attended the Islamic Economy Award ceremony, which was held in conjunction with the GIES, in accordance with Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum directives.

The UAE Vice President presented Dr Ahmed Ali Al Madani, President of the Islamic Development Bank, with the Life-time Achievement Award, for his key role in supporting the Bank’s goal to support the private sector in the Islamic world.

Sheikh Mohammed also awarded the winners across the 14 different categories of the Award, which was launched in September. The Award aims to acknowledge efforts made by business leaders in innovating the best solutions globally that comply with Islamic Sharia.

The winners are:

• Islamic Microfinance: Kiva Microfunds, United States

• Halal Food: Saffron Road, US

• Waqf: Awaqf New Zealand, New Zealand

• Family travel: TimeZ5, UAE

• Sukuk: Majid Al Futtaim Group, UAE

• Halal Pharmaceutical and Cosmetics: Tanamera Tropical Spa, Malaysia

• Islamic Insurance: ACR Retakaful Holdings, Bahrain

• Halal Media/ Entertainment: Awakening Worldwide Ltd, Egypt

• Islamic Commercial Banking: CIMB Islamic, Malaysia

• Halal Fashion/ Islamic Art: Peter Sanders Photography, United Kingdom

• Islamic Fund Management: Fajr Capital, Asiya Investments, SEDCO Capital and Saturna Capital

• SME Development: Saudi Economic and Development Company (SEDCO), Saudi Arabia

• Islamic Economy Infrastructure (Research & Education): Ethica Institute of Islamic Finance, UAE

• Islamic Economy Infrastructure (Compliance & Standardisation): Islamic Food and Nutrition Council of America, US

GIES’ second day session will discuss Islamic Finance and Shari’ah compliant banking services and will host a number of CEOs working in sector. The session will be followed by Ethical Finance and Innovation Challenge Awards ceremony. It will discuss a number of issues, including Halal foods, life-styles and family travel. In addition, the sessions will highlight the asset management sector and Islamic investments, as well as available business and innovation opportunities in the various sectors of the Islamic economy.

The GIES, a part of Dubai Capital of the Islamic Economy Initiative, acts as an ideal platform that shares knowledge and opinions on how develop all components of the Islamic economy.

Source: WAM

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