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», stressed that the results achieved by the Islamic economy sector, and its contribution of 41.8 billion dirhams in the gross domestic product of the Emirate of Dubai, with a growth rate It reached 2.2%, confirms Dubai's position as the global capital of the Islamic economy, and that it has great experience, will and determination to be the preferred destination for investment in various Islamic sectors.
Islamic economy
In detail, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum stressed that the Islamic economy and its positive results have become one of the most important sectors on which the national economy depends, 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, when he laid the main rules upon which the contribution of the Islamic economy was based within the overall economic structure of the emirate, and the continuous directives of His Highness the necessity of devising an economic system that is consistent with the principles and ethics of Islamic financial dealings, and contributes effectively to the gross domestic product of Dubai, and strengthens its position as a global economic center.
local production
His Highness pointed out that the results achieved by the Islamic economy sector, and its contribution amounting to 41.8 billion dirhams in the gross domestic product of the Emirate of Dubai, with a growth rate of 2.2%, confirms Dubai's position as the global capital of the Islamic economy, according to the announced strategy, which we are proceeding with a steady pace in its implementation within a work environment Attractive and stimulating for business and investors.
His Highness added that the positive results of the contribution of the Islamic economy to the emirate's gross domestic product confirm that Dubai has great experience, supportive infrastructure and a strategic geographical location at the heart of the Islamic world, and it has the will and determination to be the preferred destination for investment in the diverse Islamic sectors.
Incentive for partners
His Highness pointed out that these successive successes in the strategy of "Dubai, the capital of the Islamic economy", constitutes an incentive during the coming period for the strategic partners concerned with the Islamic economy sector, to exert more efforts to consolidate the global position of Dubai and the UAE in innovating initiatives and adopting policies that contribute to improving the performance of the Islamic economy, And enabling it to provide practical and effective solutions to meet global financial and economic challenges.
Foresight vision
For his part, the Minister of Economy and Chairman of the Board of Directors of the Dubai Center for the Development of Islamic Economy, Sultan bin Saeed Al Mansoori, stressed that the situation in the world is a result of the repercussions of the spread of the «Covid-19 virus» and the ability of the UAE to control the epidemic, proves the accuracy of the forward-looking vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in tackling the crisis, reducing its negative impacts on the economy, transforming challenges into opportunities, and supporting the national economy with all its components.
He added during his presidency of the meeting of the Board of Directors of the Dubai Center for the Development of Islamic Economy, which was held through the technology of visual communication, that the Islamic economy is a basic pillar in the UAE economy based on the concept of economic diversification.
Significant progress
He pointed out that, since 2013, when His Highness Sheikh Mohammed bin Rashid Al Maktoum announced Dubai as the capital of Islamic economics, the emirate continues to achieve successive successes and establishes its position as a global center for Islamic economics, and a destination for all those interested in this sector, especially since the operational plans of the Dubai capital strategy The Islamic economy is witnessing remarkable progress.
Global confidence
Al Mansoori stressed that the continuous growth in the contribution of the Islamic economy to the total output of Dubai indicates the confidence of global investors in the efficiency and quality of the business climate in the UAE, as well as establishing the leadership position that the country holds, a major regional destination for investment, thanks to its open economic climate and environment Flexible businesses backed by advanced infrastructure, legislation and technology capable of sustainable growth.
Dubai Crown Prince:
“Mohammed bin Rashid’s directives continue with the necessity of devising an economic system that is consistent with the principles and ethics of Islamic financial dealings.”
"Dubai has great experience, will and determination to be the preferred destination for investment in the various Islamic sectors."
2.2% growth in the contribution of the Islamic economy to the local product
The results of the contribution of the Islamic economy to the GDP of the Emirate of Dubai showed the growth of the contribution of the Islamic economy sector at the end of 2018 by 2.2%, recording 41.84 billion dirhams, compared to 40.95 billion dirhams at the end of 2017.
According to data released by the Dubai Statistics Center, the proportion of the Islamic economy’s contribution to the emirate’s GDP was 9.9% at the end of 2018.
The value of the contributions of the sectors was distributed by 10.7 billion dirhams for financial activities by 26%, while internal trade recorded 17.9 billion dirhams, 43%, residency and catering services activities amounted to 7 billion dirhams, 17%, and the manufacturing industries sector, 6.2 billion dirhams, 14%.
A unified global legal and legislative framework for Islamic finance
During the meeting, the Executive Director of the Dubai Center for Islamic Economic Development, Abdullah Muhammad Al-Awar, reviewed the stages of implementation to establish a unified global legal and legislative framework for the Islamic finance sector, stressing the importance of this initiative, which comes in strategic partnership with the Islamic Development Bank.
He added that the unified legal and legislative framework will positively reflect on the Islamic finance sector, especially as it will be put forward after its formulation and ratification, as a legal and legislative basis on which to base a new international treaty.
The Executive Director of the Center noted that the establishment of a unified global legal and legislative framework for the Islamic finance sector will also contribute to speeding up the sector's growth, and will reduce the contrast and difference between business practices globally.
Dubai Center for the Development of Islamic Economy
The Dubai Center for the Development of Islamic Economy was established in 2013, under the supervision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, to support and cement Dubai's position as the global capital of the Islamic economy.
In 2017, the Center initiated an update of its strategy for the next five years, which focuses on improving the contribution of the Islamic economy to GDP, and setting benchmarks for the growth of key sectors, namely: Islamic finance, halal industry, and the Islamic lifestyle. The Center is committed to developing the pillars supporting the three strategic sectors: knowledge, Islamic standards, and the digital Islamic economy.
The Center is also keen on cooperating with its local and international partners to establish a solid infrastructure and a comprehensive framework for implementing the initiatives.