Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum said that the Islamic Economic system offers a real opportunity for finding new ways of managing economic, commercial and financial growth. Islamic finance, which is based on the values of justice and inclusiveness, offers a global investment opportunity of around USD3 trillion by 2020, His Highness said.
“Throughout the years, the Islamic Economic system has proved itself to be a more efficient system than other economic systems. Business communities conducted trade based on its principles for thousands of years across the world. It was an integrated system, economically and socially, which supported growth and development in an environment of social justice and fairness,” His Highness said.
“It is no wonder that the adoption of the Islamic Economic system can stimulate economic growth and create new opportunities and initiatives through collaboration between local, Islamic and international companies. The Islamic Economic system has been tested by various international financial institutions, and we have started reaping the benefits of this system. We hope the Global Islamic Economy Summit will discuss the opportunities the Islamic system offers for sustainable progress.”
Sheikh Hamdan says Dubai’s plan to become ‘Capital of Islamic Economy’ is on track
Crown Prince of Dubai and General Supervisor of ‘Dubai the Capital of Islamic Economy’ plan His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said that at a time when the growth of the Islamic Economy is gathering pace across its various sectors, Dubai is set to launch ambitious projects as part of a plan to transform the city into the capital of the Islamic Economy by 2021.
“We have accumulated considerable experience in this domain and have a clear roadmap to achieve our goals in alliance with strategic partners both within and outside the country. We are working together to achieve the objective of developing the Islamic economy globally and developing various new products that will set benchmarks in every sector.”
Sheikh Hamdan made these remarks ahead of the start of the third Global Islamic Economy Summit in Dubai on Tuesday. He said that Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum constantly follows up on the implementation of the strategic plan to transform Dubai into the capital of the Islamic Economy. All indicators and data show that we are on track to achieve HH Sheikh Mohammed’s vision before 2021, he added.
“From a very early stage, Dubai realised the importance of the Islamic Economy. Dubai’s advanced infrastructure and strategic geographic location at the heart of the Islamic world puts it in a good position to establish leadership in the sector. The growth of the Islamic Economy is gaining speed and has became one of the economic priorities of Dubai. It represents one of the main strategies to further consolidate Dubai’s global business status, enhance its investment environment, and further accelerate growth,” Sheikh Hamdan said.
“We look forward to having productive discussions at the Global Islamic Economy Summit, and hope that it will focus on the role the sector plays in the country’s economic development, and in enhancing the stability of the global economy. Apart from addressing major global issues in this sector, I hope this Summit will also discuss how Islamic Economy instruments can stimulate the development of the private and public sectors.”