A Dubai Islamic Economy Development Centre (DIEDC) board meeting reviewed a series of initiatives to be implemented in the upcoming period within the framework of DIEDC’s refreshed strategy 2017-2021 that seeks to realise the Dubai: Capital of Islamic Economy vision.
At the meeting, chaired by His Excellency Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of DIEDC, board members also approved in principle several initiatives that would significantly contribute to achieving the Centre’s strategic objectives, including the establishment of a global Fiqh league and a global education platform dedicated to strengthening the Islamic economy sectors.
In his Chairman’s address, His Excellency Sultan bin Saeed Al Mansouri said: "DIEDC continues to design and launch crucial initiatives to enable the growing Islamic economy to meet the surging demand for its products and services within the local and international markets."
He confirmed that the global Fiqh league, to be established in collaboration with the Centre’s strategic partners, will be the first international, legally independent non-profit scientific body of its kind in the world. Set to complement the role of the Higher Sharia Board for Islamic Banking and Finance, the league will comprise a group of Islamic scholars specialised in financial jurisprudence, carefully chosen based on universally applicable financial standards to run the league with the assistance of research centres and related organisations.
As part of its strategic objectives, the new entity will encourage global economic sectors to support the Islamic economy, help expand its footprint in local and international markets, and manage Islamic economic knowledge. Through such efforts, the global Fiqh league is anticipated to help establish Dubai as the capital of Islamic economy.
The launch of the global Fiqh league will enrich outcomes and improve efficiency in dealing with the latest developments in capital markets, especially with regard to the globalisation of investments.
Under a separate initiative, DIEDC will collaborate with the Hamdan Bin Mohammed Smart University to establish an educational platform for Islamic economy that aims to strengthen the Islamic knowledge sector with relevant research and studies and upskill human resources employed within the Islamic economy. The platform will serve as a unified global reference source on the principles and ethics of Islamic economy, and allow educational institutions that teach Islamic economy to connect and exchange information on their programmes and best scientific practices.
Speaking on the initiative, His Excellency Sultan bin Saeed Al Mansouri said: "Knowledge is the basis of the evolution of any economic system, and it should be unified with regard to its principles and legal foundations. There is still much to learn about Islamic economy and how to leverage its diverse sectors to achieve stable and sustainable growth. The educational platform will underpin the efforts of academic institutions to explore scientific disciplines in various fields of Islamic economy.”
He praised the progress made by the Centre and its strategic partners in providing a supportive legislative and regulatory environment to consolidate Dubai's position as the global capital of Islamic economy.
In closing, His Excellency Sultan bin Saeed Al Mansouri said: "Following our efforts to adopt a refreshed Islamic economy strategy in early 2017, we have succeeded in laying the foundations of an integrated ecosystem that will serve as a benchmark for nations and countries looking for a sustainable economy – one that ensures minimal risks, preserves the rights of the people, and enables them to benefit from the outcomes of their work.
"We have achieved unprecedented consensus on the importance of the social impact of work and investment. This consensus has been reinforced by the United Nations’ 2030 Agenda for Sustainable Development that sets out 17 Sustainable Development Goals (SDGs). The SDGs hold significant opportunities to enable Islamic companies and institutions to become partners and stakeholders in financing development projects, especially in developing countries."
His Excellency Sultan bin Saeed Al Mansouri stressed that supporting the Islamic economy through these and similar initiatives falls within the framework of achieving the vision of the UAE leadership for the future prosperity of the country and the welfare of its citizens as well as for advancing its role in local and regional development.
During the board meeting, Abdulla Mohammed Al Awar, CEO of DIEDC, presented an overview of the initiatives that the Centre is currently working on in cooperation with its strategic partners. Al Awar also highlighted the challenges and opportunities with regard to implementing these initiatives. Furthermore, he reviewed the results of the updated strategy adopted by the Centre at its previous board meeting and its impact on the prospects for the growth of the Islamic economy on the local and international levels.
During the previous board meeting in May 2017, DIEDC approved several initiatives spanning Islamic knowledge and standards, as well as the legislative and legal environment of the Islamic economy. The board also examined the basis of cooperation with DIEDC’s partners and stakeholders with a view to ensuring that the conditions necessary for the success of these initiatives are in place.
