The UAE’s Islamic Economy Sector
The addition of the Islamic Economy sector to other mainstream Dubai economy sectors is an initiative spearheaded by His Highness Sheikh Mohammed Bin Rashed Al Maktoum, UAE Vice President and Prime Minister of the UAE and Ruler of Dubai, with the objective of diversifying the UAE’s strong economic base by providing it with a new vital hub, intended to position Dubai as the Islamic Economy Capital of the world.
The focus will be on six key platforms of the Islamic Economy:
• Islamic Finance
• Islamic Insurance
• Islamic Contracts’ Arbitration
• Islamic Food and Trading Standards (Halal Foods)
• Standards for Islamic Commerce and Industry
• Islamic Quality Management Standards
A series of integrated solutions and facilities will be introduced through these platforms to support the Islamic Economy sector and its implementation.
Islamic Finance platform will be pivotal in introducing new instruments geared towards supporting Islamic sukuk and finance within the Dubai markets, and the establishment of a supervisory board mandated with the licensing of new sharia-compliant financial products.
Islamic Insurance platform will focus on attracting global leaders in Islamic Insurance to make of Dubai their headquarters, and developing retail and wholesale insurance products and solutions.
The Islamic Contracts’ Arbitration platform will provide for the setting up of a centre for disputes settlement and arbitration of commercial contracts.
Islamic Food and Trading Standards platform will promote food industries, ratify their food products, and ensure their adherence to the teachings of the Islamic jurisprudence and faith.
The Standards for Islamic Commerce and Industry platform will lead to the establishment of an independent centre whose mandate will be the authentication of manufactured products according to Islamic commercial standards, and to formulate work methodologies for businesses within Islamic industries.
The Islamic Quality Standards platform will be instrumental in developing an industry around quality standards provision covering Islamic production through the introduction of new Islamic quality standards, and the implementation of a Code of Conduct when dealing with stakeholders.
The high committee for the Development of Islamic Economy
Following the announcement of the Islamic Economy sector, His Highness Sheikh Mohammed Bin Rashed Al Maktoum, UAE Vice President and Prime Minister of the UAE and Ruler of Dubai has issued a decree commissioning His Highness Sheikh Hamdan Bin Mohammed Bin Rashed Al Maktoum, Crown Prince of Dubai to oversee the promotion and development of the Islamic Economy sector, and turning it into a core pillar of Dubai’s economy.
His Highness Sheikh Mohammed also approved the formation of a high committee tasked with the development of the Islamic Economy sector in Dubai. The Committee will operate in accordance with an integrated system to develop the new sector.
The high committee will be chaired by Mohammad Abdulla Al Gergawi, Chairman of the Executive Office of Sheikh Mohammed.
The committee also comprises Mr. Sami Al Qamzi, Director General of the Dubai Department of Economic Development, who will be the Vice-Chair. Other members of the committee include the Vice Chairman of the Higher Board of the Dubai International Financial Centre, Abdul Aziz Al Ghurair, the Director General of Dubai Municipality, Mr. Hussain Nasser Lootah, the Director General of the Department of Islamic Affairs and Charity Work in Dubai, Dr. Hamad bin Al Sheikh Ahmed Al Sheibani, the Chairman of the Dubai Chamber of Commerce and Industry, Abdul Rahman Saif Al Ghurair, and the Chief Executive of Dubai's Noor Islamic Bank, Hussein Al Qamzi, in addition to the Chairman of the Dubai Financial Market, Essa Kazim, who will serve as the committee's Secretary General.
The implementation of various initiatives within the Islamic Economy sector
Since its formation the high committee held a number of meetings during which it has developed a series of action plans and schedules for the implementation of the various initiatives which fall within platforms of the Islamic Economy sector. The committee has also formed various working groups, led by members of the committee, to design work mechanisms and begin implementing the initiatives planned for launch in the coming period.
More recently, the committee has organised a workshop to update itself with the workflow of the various working groups it formed. The committee also reviewed the key steps it and the various working groups from the authorities and organizations concerned will undertake during the coming period, which reflects these groups’ commitment in supporting the Islamic Economy sector in all its platforms.