His Highness Sheikh Hamdan: Islamic economy does not belong to the past - rather, it is firmly rooted in the present and the future
The Dubai Islamic Economy Development Centre (DIEDC) today announced the launch of its refreshed strategy for 2017-2021 under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and General Supervisor of the Dubai Capital of Islamic Economy initiative.
Making the announcement, His Highness Sheikh Hamdan said: “The new strategy uses a two-pronged approach. The first part concentrates on the development of the Islamic economy system and includes identifying new key performance indicators (KPIs) for monitoring the growth of important sectors and measuring their contribution to the national economy. The second component includes enhancing Dubai’s status as a global reference for Islamic finance, industry, trading standards and culture, and as a prime destination for Halal trade and family tourism.”
Addressing the relevance of Islamic economy in today’s world, His Highness Sheikh Hamdan said: “Contrary to what some may think, Islamic economy does not belong to the past – rather, it is firmly rooted in the present and the future. Achieving progress is meaningless without sustainability, financial security and economic stability. Most young people today, especially in the UAE, no longer revel in material excesses. Instead, they enjoy applying creativity and innovation in producing real tools for development.”
His Highness Sheikh Hamdan added: “For a strategy to truly succeed, it should first and foremost equip people with the skills needed for its implementation. It is crucial to empower young talent with the latest advancements in knowledge and technology as well as with the ethical foundations that Islamic economy incorporates. The success of our efforts will depend on our creativity in developing the ethical framework of the Islamic ecosystem.”
His Highness Sheikh Hamdan concluded: “When His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the Dubai Capital of Islamic Economy initiative in 2013, he did not aim to make a quantitative addition to current global economies. His vision was to establish an ecosystem that can inspire next generations looking to build a more prosperous future. Today, our youth have the means to make this goal a reality.”
Earlier, a board meeting of DIEDC, headed by His Excellency Sultan bin Saeed Al Mansouri, UAE Minister of Economy and Chairman of DIEDC, unanimously approved the new strategy that will continue to consolidate the position of Dubai and the UAE on the global Islamic economy map.
Reinforcing and building on the momentum established by the Dubai: Capital of Islamic Economy initiative, the refreshed strategy focuses on ensuring long-term impact. Its main objective is to lead the growth of the Islamic economy sectors on a local, regional and international scale, and to set a benchmark for the Islamic ecosystem worldwide.
At the heart of the refreshed strategy are three key pillars – Islamic finance, Halal sector, and Islamic lifestyle that includes culture, art, fashion and family tourism. Knowledge, standards and digital Islamic economy serve as cornerstones in supporting the pillars while playing a pivotal role in shaping an enabling environment for sustainable investments and real development.
Highlighting the importance of the updated Islamic economy strategy, Al Mansouri stressed that Islamic economy is based on foundations of innovation, knowledge and human capital – all highly dynamic elements that continue to evolve with time. He pointed out that with its ability to diversify national incomes and contribute to building a post-oil economy, the Islamic economy system has attracted the attention of several prominent nations and continues to do so. He noted that DIEDC’s efforts in the last three years have resulted in giving Islamic economy a strong foothold worldwide.
Al Mansouri said: “Rather than defining Islamic economy or advocating its importance, DIEDC’s latest goal is to demonstrate the positive impact of Islamic economy on overall socio-economic development. To fulfil this objective, we need to establish the structural framework of the ecosystem. Finance, production and consumption must feature in it as integrated systems aligned with the UN Sustainable Development Goals - especially in terms of managing resources and preserving the environment.”
He added: “One of our main objectives is to increase the contribution of Islamic economy to the country’s GDP. Achieving this aim requires putting a plan in place to refine the structure and concept of Islamic economy and enhance its competitiveness. Among the most prominent emerging trends that support our efforts are national income diversification, production and trade expansion, and a growing confidence in Dubai’s position as a global centre for Islamic industry, culture and Halal products.”
His Excellency Sultan bin Saeed Al Mansouri highlighted the keenness of emerging economies in Asia, Europe, Africa and Latin America to establish partnerships with Dubai and the wider UAE in diverse Islamic economy sectors, and linked this trend to the efforts of these countries to increase the contribution of Islamic economy to their own national GDPs.
In addition, he noted that DIEDC seeks to spearhead growth, innovation and standardisation across Islamic economy sectors. Pointing out the need for universally accepted standards governing each sector, he stressed that the UAE will focus on refining these standards in the coming years to lead their adoption on a global level.
Speaking on the strategic objectives for the period from 2017 to 2021, His Excellency Issa Kazim, Secretary General of DIEDC, said: “Our primary objective, in collaboration with our partners, is to make Islamic economy a major contributor to the growth, diversification and sustainability of the national economy. To this end, we will work on defining KPIs to measure the share of Islamic economy and the trading volume of Islamic products within the UAE’s GDP.”
He added: “Our second goal is to reinforce Dubai’s status as a top-of-mind hub for Islamic economy sectors and a central destination for investors in this field. The third objective focuses on developing an innovative ecosystem to enhance the value-add of Islamic economy and its role in stimulating knowledge and R&D, and encouraging projects that promote its ethics and principles.”
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