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382645
Tue, 10/06/2015 - 11:04
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Mohammed bin Rashid Inaugurates Global Islamic Economy Summit in Dubai

DUBAI, 6th October, 2015 (WAM)--Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum yesterday inaugurated the second edition of the Global Islamic Economy Summit (GIES 2015) held under the theme ‘Driving Innovation, Unlocking Potential’. The Summit, which is seeing the participation of over 2000 policy makers and business leaders from the Islamic world and beyond, is being held at the Madinat Jumeirah, Dubai. Describing the event as a positive step in bringing about tangible change in the global economic landscape, Sheikh Mohammed bin Rashid Al Maktoum stressed that the sustainability of innovation is measured by its actual impact. He pointed out that when the ‘Dubai: Capital of Islamic Economy’ initiative was launched, he had envisioned that the initiative would contribute to creating a sustainable economic ecosystem that ultimately demonstrates its viability globally. Sheikh Mohammed said, "The ecosystem of the Islamic economy harmonises ethics with innovation, and combines real commitment with actual development objectives in order to meet the aspirations of humanity at large, regardless of the circumstances. "We are keen to shape a better world that is steered by unprecedented standards of progress. Islamic economy is not merely a tool for producing commodities and growing wealth, it is an incubator of values and ethics that elevate and advance human beings. I don’t believe we need to convince the world any further about the viability of the Islamic economy since it has simply become an imperative solution for all of us seeking to find lasting solutions to the continuous challenges posed by economic crises." "Islamic economy is not only a tool to handle crises, it definitely guarantees that they will not happen again. The economic ecosystem that we are nurturing today reflects the true Islamic values that we are keen to spread - equality, mercy, and justice on earth. It is indeed an effective and wise approach that helps limit sources of radicalism through advancing people’s cultural consciousness," he added. Sheikh Mohammed bin Rashid Al Maktoum honoured winners of the Islamic Economy Award, an annual initiative organised by the Dubai Islamic Economy Development Centre (DIEDC) in collaboration with Dubai Chamber of Commerce and Industry and Thomson Reuters. The award recognises eight entities and individuals in eight categories in addition to giving away a Lifetime Achievement Award and a special recognition. He also visited the exhibition being held on the side-lines of the Summit that showcases several Islamic companies and financial enterprises. The inauguration of the Global Islamic Economy Summit was attended by H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority (DCAA), Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group, as well as a number of ministers and senior Dubai government officials. On his part, Mohammad Al Gergawi, Chairman of the Board at DIEDC, said the summit will "steer the world into a new economic era in which Islamic investments will become a pillar of global economic activities." Underlining the UAE’s vital role in developing an Islamic economy, he said "the vision of Sheikh Mohammed bin Rashid has given a "contextual relevance and credibility to the Islamic economy on the global landscape". He added, "Throughout the last few years, we have moved from studies and preparations into witnessing a global interaction with various Islamic economy sectors such as halal products, Islamic banking and finance, and all other sectors that are witnessing a growing demand globally. The fast growth of Islamic economy in quality and quantity is proof of a timely vision and an offering that have guided our efforts in developing this sector." During the summit’s inaugural session, which discussed activating national economic development through utilising Islamic economy opportunities, His Excellency Sultan Bin Saeed Al Mansouri, UAE Minister of Economy said, "The advantages of Islamic economy quickly became evident to the world at large when the conventional financial system collapsed in 2008 and triggered the global financial crisis. Islamic banking and financial assets remained largely unaffected by the recession that followed 2008, leading the world to take a closer and more interested look at this alternative financial system. GIES 2015 is today mandated to firmly set the direction and innovation that will govern Islamic economics in the years to come, in addition to creating a legislative framework for an entire spectrum of economic transactions that are likely to take place as a logical outcome of these deliberations." Al Mansouri added: "The UAE is at the forefront of attracting Islamic investments across all of these industries. Dubai has led by example and proactively spurred the growth in Islamic investments through the issuance of Islamic bonds and forging partnerships with other countries engaged in this vital sector. Dubai is well poised today to achieving its vision of emerging as the global capital of the Islamic economy. Hosting the current edition of the GIES summit with its historic mandate is one more milestone in its remarkable journey." "The UAE has declared 2015 as the ‘Year of Innovation’ and Islamic economics is all about blending time-tested principles and methods with contemporary innovation. We appreciate the theme for this year, ‘Driving Innovation, Unlocking Potential’ and the efforts taken by the organisers to showcase the innovation and energy of Islamic economy entrepreneurs and demonstrate the positive effect of the Muslim world through initiatives such as the Innovation for Impact competition and showcasing the Islamic digital economy, arguably one of the fastest growing areas of the new economy," the Minister concluded. His Excellency Issa Kazim, Secretary General of DIEDC said: "For centuries, Dubai has enjoyed global recognition as a significant trading hub across Asia, Middle East and Africa due to its unique geographical location. More importantly, Dubai’s transformation into a knowledge centre has strengthened its position and enabled a surge in entrepreneurial activities not just within the emirate, but also across the UAE and wider region - attracting a sizeable volume of foreign direct investment." He added: "These achievements have collectively contributed to the country’s strong economic growth. The UAE leadership’s vision in proactively enabling trade and finance has facilitated Dubai’s - and the wider UAE’s – transformation into an economic and financial powerhouse." He pointed out that as part of this priority, the government has launched several initiatives under the umbrella of the Dubai Islamic Economy Development Centre to promote and develop the Islamic economy sector. He said: "In the short span of time since His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, articulated the ‘Dubai: Capital of Islamic Economy’ vision, this nascent sector has achieved significant milestones." "Despite general consensus, the Islamic economy is so much more than Islamic finance and halal food. The sector is steadily progressing and broadening the scope of its commercial activities due to the increased demand for Sharia-compliant alternatives across a range of products and services. Moreover, the Islamic economy has the inherent potential to traverse cultural and religious boundaries and draw people from diverse backgrounds looking for ethical, value-driven offerings." He concluded, "Today it is encouraging to see the notable progress that has been made in the Islamic economy sector to include health, medicine, clothing, travel and hospitality. Such developments will considerably enhance the size and scale of Islamic economy on a global level." Under the theme ‘Driving Innovation, Unlocking Potential’, the second edition of GIES is organised by the Dubai Islamic Economy Development Centre (DIEDC) in collaboration with the Dubai Chamber of Commerce and Industry and Thomson Reuters. The first day of the summit included a major debate session led by CEOs about the connection between Islamic economy sectors and Islamic finance. Other sessions examined various topics such as ‘Islamic Finance: Strategies of Global Collaboration’, ‘Islamic Economy: Leveraging Demographic Opportunities’, ‘Islamic Economy: Investments in Food and Travel Sectors’, and ‘Islamic Finance: Development of Awqaf’. – Emirates News Agency, WAM -http://www.wam.ae/en/news/emirates/1395286349955.html

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