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3,000 take part in Islamic economy summit

Dubai, November 25, 2013

More than 3,000 delegates from the worlds academia, business, government and civil society took part in a summit to discuss the future of Islamic economy in Dubai today (November 25).

The two-day Global Islamic Economy Summit was inaugurated by Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, at the Madinat Jumeirah. It is jointly hosted by Thomson Reuters and the Dubai Chamber of Commerce and Industry.

Hamad Buamim, president and CEO, Dubai Chamber of Commerce and Industry gave the welcome remarks, which were followed by the first plenary session of the summit and a discussion on the impact of the Islamic Economy on an evolving global economic landscape.  

Buamim, said: “We have the opportunity now to lay the foundations for a strong and vibrant global Islamic business community that is united under the same religion. Working with global partners, Dubai is seeking to bring the Muslim world together under the concept of the Islamic economy. This is a huge task, and one that we have a tight timescale to achieve.”

A panel provided attendees with insight into the leaders of the Islamic world, their vision for the future and the key priorities that will shape the development of the Islamic world.

Mohammed Al Shihhi said: “The UAE, being at the centre of the Islamic world and a gateway between Europe and Africa can be a major player when it comes to the globalisation of the Islamic economy. We are hoping that this event will make it clear to the world that the Islamic economy model is not exclusive to the Muslim population, but rather a model for the world.”

Another session titled ‘Beyond Halal Food and Islamic Finance’ started with an overview of key insights from the State of the Global Islamic Economy Report.

Essa Kazim, chairman of Borse Dubai, chairman of Dubai Financial Market and secretary general of the Islamic Economy Higher Committee, UAE, said: “The Islamic economy strategy capitalises on the vast opportunities available in the Islamic economy, particularly in the financial sector and the real economy sector (halal,  lifestyle, pharmaceuticals, etc.).  The estimated GDP of the Islamic economy is about $8 trillion and the total foreign trade of the Muslim world amounts to $4 trillion. However there seems to be a huge gap between Sukuk issues for instance, and global demand. This gives you an idea of the vast and untapped potential available in the Islamic economy.”

In his keynote “The ‘New Normal’ and the Islamic World,” Dr Mark Mobius, executive chairman, Templeton Emerging Markets, Singapore, said: “The rise of the Islamic emerging markets has led to a ‘new normal’ for the global economy. One of the interesting things that we’re seeing is the rise of global sovereign wealth funds; we now estimate that they account for $6 trillion of global assets and 42 per cent of sovereign wealth funds now come from Islamic nations.”

The official awards ceremony was attended by a panel of senior ministers and policy makers lead by Abdul Rahman Saif Al Ghurair, chairman, Dubai Chamber of Commerce and Industry. - TradeArabia News Service




Tags: economy | Dubai | Islamic | Summit |

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