will dubai become the global islamic economy hub? diedc focus session summary with ceo abdulla...
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Islamic Finance Gateway community had a one on one focus session with DIEDC, CEO Abdulla AlAwar. He Highlighted several aspects of Dubai's initiatives towards becoming the Hub of the Islamic Economy, including industry standardisation, private sector involovement and the their general attitude towards becoming the global HubTRANSCRIPT
Dubai reference point for Islamic economy – DIEDC CEO
The goals of the Dubai Islamic Economy Development Center (DIEDC) is to make
Dubai a reference point for the Islamic economy, said Abdulla AlAwar, the center’s
CEO, at last week’s IFG Focus Session. The Islamic economy initiative, which was
launched at the direction of H.H. Sheikh Mohammed bin Rashid Al Maktoum at the
beginning of 2013, aims to diversify Dubai’s economy and make the emirate the capital
of the global Islamic economy. AlAwar described a few initiatives planned for the seven
pillars of the Islamic economy which include:
Islamic finance: Launching the Dubai Global Sukuk Center to position Dubai as
the leading destination of sukuk;
Halal industry: Make Dubai the trusted solutions provider for the production,
supply, certification and standards for halal products;
Tourism: To expand Dubai as a destination for halal and family-friendly tourism;
Digital Islamic economy: Provide entrepreneurs with incubator offerings to
develop the Islamic economy;
Lifestyle: Promote Islamic art, design and fashion;
Information and knowledge: Launch training programs (e.g. the Dubai-based City
University of London MBA program in Islamic finance) to find and develop talent
in the Islamic economy including supporting academic research in the Islamic
economy to be a reference point for information on the Islamic economy; and,
Standards & certification: Develop Islamic economy standards across the other
six standards.
In response to a question about the role that the DIEDC expects for SMEs, Mr. AlAwar
said they hoped financial institutions would be proactive in supporting the sector. In
particular, because the share of Islamic banks’ assets in the UAE was at 25% and was
expected to double based on estimates compiled by Ernst & Young, Islamic financial
institutions would have a key role. He said they would work alongside the DIEDC under
a DIEDC initiative which will focus on programs to support SMEs. Some of these
programs are in collaboration with Dubai SME and Dubai Silicon Oasis.
Download the remaining session summary from the Zawya Islamic Community and read
about Mr. Alawars views on Standardisation, Private sector involvement and Dubai’s
approach towards its Islamic Economy initiative.
More information about the Dubai Islamic Economy Development Center can be found
on its website at http://www.iedcdubai.ae/.
Join the Zawya Islamic IFG Community to discuss the focus session and other issues
relevant to the Islamic economy at: http://www.zawya.com/zawya-islamic-community/