Dubai Ruler issues law establishing Dubai Islamic Economy Development Centre

140dubaiHis Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, on Wednesday 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 Mohammad Abdullah Al Gergawi.

According to the provisions of the decree, the Board of Directors will comprise: Sami Daen Al Qamzi as Vice Chairman, with the board membership of Abdul Aziz Abdullah Al Ghurair, Hussain Nasser Lootah, Dr. Hamad Al Shiebani, Abdul Rahman Saif Al Ghurair, Hussain Daen Qamzi, Helal Saeed Al Marri, and Eisa Abdul Fattah Kazim, who is appointed as Secretary General of the Centre, as stipulated in article Two of the decree, in addition to his membership post on the Centre’s Board.

The decree is effective from the date of issuance and shall be published in the official Gazette.

Basic objectives

Law No 42 of 2013 details the basic objectives of the Centre, which 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, including promotion of the Emirate of Dubai to become the global capital of Islamic economy, promotion of economic activities compatible with Islamic law in goods and financial services sectors, as well as the non-financial sector as a main pillar on which the economy of the Emirate is based.

Promoting Dubai regionally and globally as a main centre for Shariah-compliant goods and financial and non-financial services, building a database on Islamic economic activities and encouraging recourse to arbitration in related Islamic economic activities disputes are also among the key objectives of the Centre.

The law specifies the terms of reference of “Dubai Islamic Economy Development Centre” which includes drawing up the Centre’s general policy and setting up strategic plans for the development of the sector in the Emirate, in addition to developing comprehensive and unified standards to judge the extent to which any commodity or financial service or otherwise complies with the provisions of Islamic law and promoting these standards locally and globally. The specializations of the Centre also include the creation of a system to endorse compatibility of products, commodities and financial and non-financial services with standards adopted by the Centre and issuing necessary certificates in this regard.

Souce: Gulf News

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