Crown Prince of Dubai and General Supervisor of ‘Dubai the Capital of Islamic Economy’ plan His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, today attended the opening of the third edition of Global Islamic Economy Summit (GIES 2016) in Dubai, and honoured winners of the fourth edition of Islamic Economy Award.
The Summit attracted more than 3,000 delegates including leaders, decision makers, experts, and specialists from all sectors of the economy, apart from academics from the world’s largest universities and academic institutions.
The inauguration of the summit was also attended by Deputy Ruler of Dubai His Highness Sheikh Maktoum bin Mohammed bin Rashid al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman of Emirates Group Sheikh Ahmed bin Saeed Al Maktoum, and HH Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, along with a number of dignitaries.
The third edition is jointly organised by Dubai Chamber of Commerce and Industry and Dubai Islamic Economy Development Centre, with Thomson Reuters as strategic partner, under the theme “Inspiring Change”.
Her Excellency Ameenah Gurib, President of Mauritius, delivered a keynote speech highlighting the importance of the Islamic Economy, and what it takes to develop the sector. She spoke about Mauritius’ experience in the development of a Sharia-complaint financial sector. “The development of Islamic banking requires the continuous development of Islamic products. Shariah boards have the responsibility to protect the rights of all shareholders based on the rights and laws of Shariah. Globalisation has made risk management very important. It is necessary to devise a Shariah-compliant risk management solution, while in tandem, formulate a strategy for risk management and understand the role of derivatives and risk sharing,” she said.
HE Gurib added: “Although when compared to the UAE, it is still relatively in a stage of infancy, the interest from citizens and the core Sharia principles on which Islamic banking is founded leads me to be very confident of the future of such a financial industry in Mauritius.”
Minister of Cabinet Affairs and the Future and Chairman of the Board of the Dubai Islamic Economy Development Centre HE Mohammad Al Gergawi said that the Islamic economy offers huge opportunities that can lead to the prosperity and stability of societies, especially with the development of tailor-made Islamic services that match today’s needs. “The ability of the Islamic Economy to maintain stable growth even in non-Muslim countries is a clear indication that we have the means and solutions to solve many issues related to development in the Islamic World, and to send a clear message to the world that the true objective of Islam is the happiness of people and its priority is the welfare of societies,” he said.
“Three years ago, His Highness Sheikh Mohammed bin Rashid Al Maktoum launched his strategic vision for the Islamic Economy, where he set a time frame of three years to achieve it, which includes sustainable development and continuous prosperity. The ‘Dubai the Capital of Islamic Economy’ initiative was launched with a firm belief in the importance of the Islamic Economy in the global economy, and its potential as a development tool that has not been utilised fully,” Al Gergawi said.
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