The UAE is in the first 3 places in the Global Islamic Economy Index
Hamdan bin Mohammed: Islamic economy has an opportunity to lead the global recovery in the post-"COVID-19" era
The trading bell rang on "Nasdaq Dubai" to announce the release of the report's results.
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His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, General Supervisor of the "Dubai Capital of Islamic Economy" strategy, said that the UAE has succeeded, thanks to the future vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and President of the State Council of Ministers and Ruler of Dubai, who created a large balance of distinguished expertise in the field of Islamic economics, and succeeded in establishing a strong financial and technological infrastructure.
On the occasion of the announcement of the results of the report on the reality of the global Islamic economy for the year 2020-2021, in which the UAE ranked among the first three places in the global Islamic economy index, His Highness affirmed that the Islamic economy has the opportunity to lead the global economic recovery, in the post-pandemic phase of "Covid-" 19 ».
Islamic economics
In detail, the Dubai Center for the Development of Islamic Economy announced yesterday the results of the Global Islamic Economy Report for the year 2020-2021, in which the UAE ranked among the first three places in the Global Islamic Economy Index.
The eighth edition of the report, which provides an annual update on developments in the Islamic economy around the world, was launched at a ceremony held specifically at the headquarters of the Nasdaq Dubai Stock Exchange, in which the trading bell was ringed, marking the release of the report’s findings.
vision
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council and General Supervisor of the strategy "Dubai is the Capital of the Islamic Economy", affirmed that the UAE has succeeded, thanks to the future vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Chairman of the Council The ministers and ruler of Dubai, who created a large balance of distinguished expertise in the field of Islamic economics, and succeeded in establishing a strong financial and technological infrastructure, which would nominate them to lead the process of efficiently developing the global Islamic economy, a sector that is currently one of the important pillars of its national economy.
Recovery leadership
His Highness, the Crown Prince of Dubai, noted that the Islamic economy has the opportunity to lead the global economic recovery in the post-Covid-19 pandemic, in light of indicators that show the potential capabilities of this vital sector, and within most of its tracks, affirming that the current global situation calls for doubling the work. In order to monitor the opportunities through which it is possible to confirm the role of the UAE in charting new economic paths that will enable the region and the world to overcome the challenges resulting from this exceptional crisis caused by the new Corona virus.
His Highness called for seeking to strengthen channels of cooperation with our partners around the world, and to work in light of the strategy "Dubai is the capital of the Islamic economy", to find more elements to attract investment, attract capital and encourage its owners to pump them into the channels of the Islamic economy, in order to enhance the position of Dubai and the UAE as an active partner. In expanding its growth opportunities at the regional and global levels, in the post-"Covid-19" era.
Continue the lead
His Highness said, in tweets on “Twitter”: “The UAE, under the leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, and the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, continues to top it in the list of countries concerned with the development and development of the capabilities of the Islamic economy. The first three places in the report on the reality of the global Islamic economy for the year 2020-2021 ».
His Highness continued: “We are working through the strategy of (Dubai as the Capital of the Islamic Economy) to enhance the climate that attracts investment and capital within this sector, to benefit from the great expectations for its global future in the post-Covid-19 phase, while spending on halal products and services is expected to reach globally. $ 2.4 trillion by 2024. ”
His Highness added, in a third tweet: “The ambitions are great, the work is continuous, and the current global challenge is vanishing. We continue to monitor opportunities and adapt plans to reach our strategic goals, despite all difficulties. Leading the march of developing the global economy ».
Crown Prince of Dubai:
"With the vision of Mohammed bin Rashid ... the UAE has succeeded in possessing the elements of leadership in developing the Islamic economy globally."
"We continue to monitor opportunities and adapt plans to reach our strategic goals, despite the difficulties."
"Our strong economic ties, clarity of vision for the future, and possession of elements of distinction are guarantees that reinforce our country's merit as a partner in pioneering the development of the global economy."
Expectations of the recovery of Islamic economic sectors at the end of 2021.
Coronavirus may cause an expected decrease in Muslim spending of 8% during 2020.
"Dinar Standard" and "Peace Gateway"
The report prepares, annually, by Dinar Standard, a research and advisory institution based in the United States, in partnership with the "Salam Gateway", the largest media and news platform for Islamic economics, and the two sides are "strategic partners" of the Dubai Center for the Development of Islamic Economy.
Dinar Standard Chief Executive Officer Rafe Al-Din Shikoh said: “The Reality of the Global Islamic Economy Report sheds light on the emerging opportunities that emerged as a result of the repercussions of (Covid-19), such as: global supply chain disruptions, job losses, health services crises, and food security challenges. ».
“The report also provides recommendations to governments, companies and investors, to enable them to overcome these challenges with the flexibility needed to continue to prosper,” he added.
Among the 33 (indicating opportunities) provided by the Islamic economic sectors, according to the report, there is the sukuk coding that falls under Islamic financial technology, in addition to the accelerated digital transformations in all sectors driven by the repercussions of the Covid-19 pandemic, while other investment opportunities signals relate to halal products, Supply chain shifts, food security investments, and increased demand for food.
$ 11.8 billion in investments in 2019
At a time when investments in companies related to the Islamic economy recorded a record in 2018, these investments decreased by 13% in 2019, recording $ 11.8 billion.
52% of the total investments went to the halal food and beverage sector, while the “Islamic finance” and “Islamic lifestyle” sectors attracted 41.8% and 4%, respectively, of these investment flows. To company-led mergers and acquisitions, venture capital investments in technology startups, as well as private equity investments.
Malaysia tops the main index
In this year's report, the Global Islamic Economy Index covers 81 countries.
The UAE ranked among the first three places in the index, and came in first place for the sectors: “Modest Fashion” and “Halal Media and Entertainment”.
The report witnessed the rise of new countries to the top 15, such as: Nigeria, Sri Lanka and Singapore, while Saudi Arabia and Indonesia advanced in the ranking, compared to last year's report.
Malaysia, again, continued to lead the main index, in addition to five sub-indices, namely: Islamic finance, halal tourism, halal food, halal medicine, and halal cosmetics.
Ali: Strengthening Dubai's position in Sukuk
"The report is important and highlights the continuity of the development and growth of this sector at the level of the region and the world as a whole," said the Chief Executive Officer of Nasdaq Dubai and Deputy CEO of the Dubai Financial Market, Hamid Ali.
He added, "We will work to strengthen Dubai's position as one of the largest sukuk listing centers in the world, with a total value of $ 74.3 billion, by supporting issuers, investors, and all participants in the Islamic finance market."
Trillion dollars Muslims spend on halal food
The Global Islamic Economy Reality Report 2020-2021 highlights the role of the Islamic economy in contributing to the achievement of the United Nations Sustainable Development Goals, including the initiatives to combat poverty and food security, which the pandemic has highlighted the importance of urgently addressing them.
In its eighth edition, titled “Growth Despite Challenges,” the report estimates Muslim spending on halal food, modest fashion, halal tourism, halal medicine and cosmetics, halal media and entertainment at $ 2.02 trillion in 2019.
While this figure reflects an annual growth of 3.2%, compared to 2018, it is expected that this spending will contract by about 8%, during the year 2020, due to the negative effects of the emerging corona virus (Covid-19).
However, the report expects that spending will increase again in various sectors of the Islamic economy, except for halal tourism, by the end of 2021, as it is likely to reach $ 2.4 trillion in 2024.
Al-Mansouri: Islamic economics provides exceptional solutions capable of overcoming the pandemic crisis
The Chairman of the Dubai Center for the Development of Islamic Economy, Engineer Sultan bin Saeed Al Mansouri, said that the current circumstances, which the world is going through, and the economic challenges they entail, prove the correctness and accuracy of the forward-looking vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and President The Council of Ministers and Ruler of Dubai, which was translated in the initiative «Dubai the capital of the Islamic economy», which aims to build a sustainable national economy, based on solid foundations that enable it to overcome challenges and turn them into opportunities, pointing out that, after years of launching the initiative, it continues Contribute to consolidating the position of Dubai and the UAE regionally and globally.
Al-Mansoori added: “The current economic challenges that the world is facing due to the pandemic is a good opportunity to introduce the important role that the Islamic economy can play in the global economic recovery, because it provides exceptional tools and solutions capable of overcoming this crisis, especially as these solutions achieve higher levels of economic diversification. Financial inclusion and environmental and social sustainability.
He affirmed that the UAE’s continued leadership in leading global Islamic economy indicators is due to the relentless efforts made by the Dubai Center for the Development of Islamic Economy and its strategic partners in successfully implementing the center’s initiatives, as these efforts contributed to increasing the contribution of the Islamic economy to Dubai’s total output, in addition to supporting the march The sustainable growth of the national economy within the economic diversification plans.
Kazem: Islamic economics offers sustainable growth alternatives
The Governor of the Dubai International Financial Center and Secretary-General of the Dubai Center for the Development of Islamic Economy, Issa Kazim, said that during the year 2019, the Islamic economy managed to achieve remarkable growth on an annual basis in its various sectors.
He added that, in 2020, the Islamic economy has adapted well to the economic repercussions of the Corona pandemic, and is able not only to overcome this challenge, but also to provide sustainable growth alternatives that contribute to the global economy overcoming the negative impacts of this pandemic.
He continued: “According to the report, Islamic finance assets reached $ 2.88 trillion in 2019, and it is expected to reach $ 3.69 trillion in 2024. These numbers indicate the main role of the Islamic finance sector in the Islamic economic system as a whole, and its critical support in these turbulent times. The world is full of challenges that the world is currently going through, and that led to precautionary measures being taken in all countries to combat the outbreak of (Covid-19), such as: social distancing and restricting the movement of people, which created new opportunities for the development of the Islamic economy, as it led to the acceleration of digital transformation and the adoption of Modern technologies, such as: financial technology, digital banking services, and coding of sukuk. We are confident that this acceleration will benefit Islamic finance in particular, and the Islamic economy in general.
Al-Awar: Islamic economy with its moral system is a guarantee for a better future
The Executive Director of the Dubai Center for the Development of Islamic Economy, Abdullah Muhammad Al Awar, affirmed that the annual report on the reality of the global Islamic economy has turned into a reliable global reference for the Islamic economy, and also contributes to establishing Dubai's position as the global capital of the sector.
He added: “In light of the current challenges that the world is witnessing due to the pandemic, the Islamic economy with its transparent ethical system remains a pillar of strength and a guarantee for a better future, because the values and principles on which the sector is based, in addition to the carefully identified opportunities and clear recommendations contained in the report, provide a roadmap for governments and companies to overcome On these challenges smoothly, continuing on the path of economic recovery and staying on the right track to achieve prosperity and sustainable growth in the long term.
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