Mohammed launches ‘Transforming Dubai into global centre for Sukuk’ initiative

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, stressed that the Islamic economic sector in the UAE is founded on strong bases of laws and legislations that support this sector. These legislations have contributed to the existence of several financial establishments and institutions operating in accordance with this economy.

Sheikh Mohammed also affirmed that transforming Dubai into the global capital of Islamic economy  will have positive impact on the region in general and the UAE, in particular, stressing that the Islamic economic sector with its various tracks will help local economy to grow and bring  prosperity to the various vital sectors as well as create new job opportunities.

Sheikh Mohammed’s statement came during his launch of the new initiative that aims to transform Dubai into a global centre for Islamic Sukuk as the first of the series of initiatives expected to be launched with the aim of developing the Islamic economy sector in Dubai in accordance with his vision of transforming Dubai into a global capital for Islamic economy.

On this occasion, Sheikh Mohammed said: Today, we put the first block of materialising our vision of transforming Dubai into a global capital for Islamic economy, we are optimistic to achieve this goal and we endeavour to activate it through a series of initiatives and programmes which in turn will activate the role of Islamic economy sector in our national economy.”

Sheikh Mohammed added: “Today, Dubai possesses all the potential and privileges that qualify it to achieve its goal of becoming a global centre for Islamic sukuk. We will work on completing the necessary organisational framework and mobilise efforts and energies, national cadres and experts to give this sector the anticipated momentum.”

Sheikh Mohammed viewed a presentation about the new initiative and its objectives in the presence of Dubai Crown Prince and Chairman of the Dubai Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the members of the Higher Committee for the Development of Islamic Bonds in Dubai, senior officials from Dubai Financial Market (DFM), Dubai International Financial Centre (DIFC) and Securities and Commodities Authority and several experts and specialists in Islamic financial services.

Speaking to journalists on the occasion of the launch of the initiative at the Dubai Financial Market, Sheikh Mohammed said that the UAE, under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, sought to maintain its position as the overall top-ranked economy through such projects and initiatives.

Pointing out the importance of the Islamic economy today, Sheikh Mohammed said: "Transforming Dubai into a global centre for Islamic Sukuk is intended to cement confidence in our economy among international financial circles, stressing that positive acts are the driving force of the human being to remain optimistic and to work actively and in a serious way."

Also  present during  the launch of the initiative were Cabinet Affairs Minister, Chairman of the Executive Office of Sheikh Mohammed and Chairman of the Higher Committee of Developing the Islamic Economy Sector Mohammed Abdullah Al Gargawi,  Minister of Economy Sultan bin Saeed Al Mansouri  and a number of key officials, bankers and businessmen in the country.

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