Dubai can become Islamic economy hub: Malaysia PM

Dubai and Malaysia are considering a number of Shariah-compliant initiatives as the emirate has the potential to become a hub for Islamic economy, Malaysian Prime Minister Najib Abdul Razak said yesterday.

Speaking at the World Islamic Economic Forum (WIEF), he said: “Dubai has the potential to be a hub of the Islamic economy and there are a number of exciting projects which are being planned between Malaysia and the UAE; the opportunity for cooperation is tremendous. With Islamic finance growing more than 50 per cent faster than that of conventional finance, there is a lot for us to share.”

Supporting Najib’s sentiments, Mohammed Al Gergawi, Minister of Cabinet Affairs in the Federal Government of the UAE, said: “Dubai is working very closely with Malaysia; it is a country we respect a great deal. The Islamic economy is not just for Muslims, but also for non-Muslims and today we [Dubai] can say that we have achieved very positive gains over the last year.

“Furthermore, there are a number of initiatives we will launch in the next 12 months which will continue to enhance the Islamic economy. We are in the business of giving people hope. This is also the overall purpose of WIEF and why it has been so successful.”

Najib and Al Gergawi agreed that both Malaysia and Dubai have the potential and responsibility to advance the Islamic economy, promoting the union between Muslim countries while also ensuring that these nations continue to engage with the wider world.

The discussion specifically focused on how Malaysia and the UAE can continue to promote an era of sustainable, inclusive prosperity through partnership.

“The world is facing many reasons for tense [relations] and regression in terms of development and this is happening in many of the Islamic countries. One of the reasons and purposes of Islamic banking is investment in land, the investment for the prosperity of nations and the happiness for human beings everywhere in the world,” Al Gergawi said.

“The Islamic economy, together with economic partnerships and the resources that can be devoted to the development of societies, are a key element towards the stability in the world. We can achieve this if we establish innovative partnerships and if we foster and promote cooperation and lead policies towards development that conform to Islamic rules. Islamic banking and the achievements made so far are very strong proof of the fact we can achieve this,” he added.

The WIEF has attracted more than 2,000 participants from all around the world.

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