Raft of global Islamic institutions to come up in Dubai

Dubai is set to witness a raft of new global institutions relating to Shariah-based economy over the coming months.

The move is part of the initiative to transform the emirate into the world’s ‘Capital of Islamic Economy' unveiled by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Saturday.

He has given the newly set up Higher Committee for the Development of the Islamic Economy Sector, three years to attain this goal.

Under the patronage of Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, the Higher Committee for the Development of the Islamic Economy Sector, is chaired by Mohammed Abdullah Al Gergawi, Minister for Cabinet Affairs and Chairman of the Sheikh Mohammed bin Rashid Al Maktoum's Executive Office.

Gergawi explained that the goal of transforming Dubai into the world’s capital of Islamic economy would rest on a few main pillars – creation of world-standard legislation and regulatory mechanisms; developing financial instruments and services, especially sukuk; promotion and accreditation of the halal market; and boosting Islamic digital economy.

One of the first initiatives planned for is for Dubai to host a global Summit for Islamic Economy next month.

Another is the creation of a global Award for Islamic Economy.

Other initiatives include Family-friendly tourism, Islamic fashion, art and design, a global network of Islamic Economic information and education and a global centre for Islamic economic standards and certification.

Several global Islamic institutions will be created under these initiatives.

• In the second quarter of 2014, Dubai will host the world’s Islamic Governance Centre to encourage Islamic investment and support industries.
• Another initiative is to create the Supreme Council for Islamic Standards. This will create world standards in legislations and regulatory environment.
• The International Endowment Authority will be created to leverage and boost the $1 trillion Waqf globally.
• The Adahi Meal as Endowment Project will also be created.
• In the first quarter of next year, Dubai will witness an International Laboratory to test halal products.
• At around the same time, the emirate will also host the world’s halal Accreditation Centre for providing ‘halal’ certification.

Al Gergawi said these are just some of the close to 50 initiatives envisaged to transform Dubai into the global capital of Islamic economy.

 

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