Hamdan Bin Mohammad honours winners of 5th Islamic Economy award

| 28/11/2017 | Reply

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Awards were presented to a cross-section of global and local business establishments

Dubai: Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and General Supervisor of the Dubai Capital of Islamic Economy initiative, on Monday honoured the winners of the fifth Islamic Economy Award.

The winners were felicitated at a special ceremony held under the patronage of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Launched by the Dubai Islamic Economy Development Centre (DIEDC) and organised by the Dubai Chamber of Commerce and Industry (Dubai Chamber) and Thomson Reuters, the award ceremony was held in the presence of ministers and heads of government departments.

The awards were presented to a cross-section of global and local business establishments in recognition of their innovative, world-class business initiatives and ideas that are Sharia-compliant and contribute to the social and economic welfare of the Muslim population.

Ebrahim Bin Mohammad Bin Ebrahim Al Subeaei, chairman of the Board at Masic, Saudi Arabia, received the Lifetime Achievement Award 2017 on behalf of his father, the late Mohammad Bin Ebrahim Al Subeaei, former co-founder of Bank Al Bilad, Saudi Arabia for his contributions to the Islamic economy as well to charity.

The Money and Finance category award was received by Yielders from the United Kingdom, an organisation offering Sharia-compliant investment opportunities.

While the award in the Food and Health category went to Emirates International Accreditation Centre (EIAC), a governmental accreditation body based in Dubai that grants halal accreditation to conformity assessment bodies worldwide, the Media category award was received by OnePath Network from Australia, a film production studio that uses media to showcase the beauty and harmony of Islam.

Recipients in other categories included Divine Connect from the United States of America in the hospitality and tourism category, Ihsan Trust from Pakistan in the Waqf and Endowments category, Dubai Technology Entrepreneur Centre (Dtec)–Dubai Silicon Oasis Authority from the United Arab Emirates for the SME Development category, and the International Sharia Research Academy for Islamic Finance (ISRA) from Malaysia in the Islamic Economy Knowledge Infrastructure category. Modanisa from Turkey was presented with the Islamic Arts category award.

“The award ceremony is not only a celebration of individual and collective contributions that are driving the growth of Islamic economy sectors locally and internationally, but also a celebration of Dubai’s initiatives and the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum that responded to the urgent global need to develop an ethical and integrated economic system,” said Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the Dubai Islamic Economy Development Centre.

Sami Al Qazi, Vice-Chairman of the Dubai Islamic Economy Development Centre, said: “For the fifth year in a row, Dubai, the potential capital of the Islamic economy, recognises and celebrates innovators that echo the principles and values of the Islamic economy and understand how necessary it is to contribute to the development of its various sectors. Their resilient efforts remarkably support the Islamic economy in fulfilling its sustainable development goals, both regionally and on a global scale.”

Full Press Release from Government of Dubai News Centre:

Hamdan bin Mohammed Honours Winners of 5th Islamic Economy Award

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and General Supervisor of the Dubai Capital of Islamic Economy initiative, today honoured the winners of the fifth Islamic Economy Award. The winners were felicitated at a special ceremony held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Launched by the Dubai Islamic Economy Development Centre (DIEDC) and organised by the Dubai Chamber of Commerce and Industry (Dubai Chamber) and Thomson Reuters, the award ceremony was held in the presence of ministers and heads of government departments.

The awards were presented to a cross-section of global and local business establishments in recognition of their innovative, world-class business initiatives and ideas that are sharia-compliant and contribute to the social and economic welfare of the Muslim population.

Ibrahim bin Mohammed bin Ibrahim Alsubeaei, Chairman of the Board at Masic, Saudi Arabia received the Lifetime Achievement Award 2017 on behalf of his father, the late Mohammed bin Ibrahim Alsubeaei, former co-founder of Bank Al Bilad, Saudi Arabia for his contributions to the Islamic economy as well to charity.

The Money and Finance category award was received by Yielders from the United Kingdom, an organisation offering sharia-compliant investment opportunities. While the award in the Food and Health category went to Emirates International Accreditation Center (EIAC), a governmental accreditation body based in Dubai that grants halal accreditation to conformity assessment bodies worldwide, the Media category award was received by OnePath Network from Australia, a film production studio that uses media to showcase the beauty and harmony of Islam.

Recipients in other categories included Divine Connect from the United States of America in the hospitality and tourism category, Ihsan Trust from Pakistan in the Waqf and Endowments category, Dubai Technology Entrepreneur Centre (Dtec) – Dubai Silicon Oasis Authority from the United Arab Emirates for the SME Development category, and the International Shariah Research Academy for Islamic Finance (ISRA) from Malaysia in the Islamic Economy Knowledge Infrastructure category. Modanisa from Turkey was presented with the Islamic Arts category award.

His Excellency Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of Dubai Islamic Economy Development Centre, said: “The award ceremony is not only a celebration of individual and collective contributions that are driving the growth of Islamic economy sectors locally and internationally, but also a celebration of Dubai’s initiatives and the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum that responded to the urgent global need to develop an ethical and integrated economic system.”

Al Mansouri stressed that DIEDC’s updated strategy and new initiatives, implemented in collaboration with its strategic partners, have created a favorable legislative and regulatory environment for Islamic economic institutions to ensure their significant contribution to the GDP through diversifying the sources of income and attracting foreign investment.

The Minister said: “Today, Islamic economy has a strong presence in the global economic orientation towards stimulating growth, sustainability and equity in development. This presence is exemplified in the interest of governments, private sector institutions and investors from around the world in identifying and developing a greater understanding of the principles and standards of Islamic financial products. The Islamic economy has placed Dubai and the UAE at the centre of this international orientation, making the country a key incubator of its standards, cultures and innovations. And here lies the importance of the Islamic Economy Award that helps innovators present models for the future of this promising economic system.”

He added: “The opportunity today is more favourable than ever to promote the Islamic economy. China’s ‘One Belt One Road’ initiative, where Islamic finance products such as sukuk are playing an important role in financing the projects associated with the initiative, is an outstanding example of what can be achieved. We are also witnessing the growth of small and medium-sized enterprises and a new generation of companies that have benefited from the lessons learned in the aftermath of the global financial crisis and are looking for product quality, sustainable growth and safe investment. Concerted international efforts are underway for the timely implementation of the 2030 sustainable development goals, which will leverage investments with a positive social impact, promote awareness of resource sustainability and environmental safety, in addition to promising long-term local and regional plans and programmes aimed at achieving economic diversification and reducing dependence on oil. The Islamic economy is closely aligned with these efforts to achieve sustainability.”

His Excellency Sami Al Qemzi, Vice Chairman of Dubai Islamic Economy Development Centre, said: “For the fifth year in a row, Dubai, the potential capital of the Islamic economy, recognises and celebrates innovators that echo the principles and values of the Islamic economy and understand how necessary it is to contribute to the development of its various sectors. Their resilient efforts remarkably support the Islamic economy in fulfilling its sustainable development goals, both regionally and on a global scale.”

Al Qemzi added: “In its first edition, the Islamic Economy Award garnered 148 participants from 31 countries. Since then, we have arrived at a total of 1,100 applications from 48 countries. These facts are proof of the success and growth that the Islamic economy is achieving and the wide reach that it is gaining across the world. In these facts, we also find concrete proof of the realisation of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for Dubai to become the capital of the Islamic economy.”

Addressing the winners, Al Qemzi said: “Today’s winners will serve as essential partners for Dubai and the wider UAE in their efforts to nurture innovative products and services that contribute to the growth and sustainability of the various sectors under an Islamic economy.”
Speaking at the ceremony, His Excellency Majid Saif Al Ghurair, Chairman of the Dubai Chamber of Commerce and Industry and Member of the Board of the Dubai Islamic Economy Development Centre highlighted the importance of the Islamic Economy Award in supporting the development of the Islamic economy sector.

His Excellency Al Ghurair said: “The fifth edition of the Islamic Economy Award is a continuation of our efforts to establish Dubai as a global capital for Islamic economy.

Dubai Chamber’s support for this award stems from its belief that recognising innovators is one of the most effective ways to encourage and stimulate activity within the Islamic economy sector, which has become an engine of sustainable growth for Dubai.”

Dubai Chamber’s Chairman explained that Dubai has achieved considerable headway in its mission to become the global capital of the Islamic economy, in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum. He described the Islamic Economy Award as a benchmark and celebration of Dubai’s progress on this front, and added that the Chamber would continue to provide valuable support to startups and businesses in Dubai operating within Islamic economy industries.

Abdulla Mohammed Al Awar, Chief Executive Officer of Dubai Islamic Economy Development Centre, said: “The Islamic Economy Award celebrates individuals and organisations who have been instrumental in shining a positive light on the Islamic economy. We live in an ever-evolving society where technological advancements are bolstering the nature of innovative solutions. However, without the human component present behind the steering wheel, these innovative solutions would not come to fruition.”

He added: “I congratulate the winners of our nine Islamic Economy Award categories who have all contributed positively towards the advancement of the Islamic economy. Today’s winners will serve as tomorrow’s mentors as we continue to nurture those with drive and innovative solutions aimed at bringing the Islamic economy to the forefront of the regional and global economic landscape.”

Headed by His Excellency Hussain Al Qemzi, Chairman, Awqaf & Minors Affairs Foundation, the independent jury panel included Khalid Al Aboodi, Chief Executive Officer, Islamic Corporation for the Development of the Private Sector, Islamic Development Bank Group, Hassan Bayrakdar, Managing Director, RAQAM Consultancy, Dr Abdullah Qurban Turkistani, Dean, Islamic Economics Institute, Zulkifly Said, Director General, Islamic Tourism Centre, Rafi-uddin Shikoh, CEO, Dinar Standard, Professor Jonathan A J Wilson, Editor-in-Chief, Journal of Islamic Marketing, Dr Daud Bakr, Chairman, Shariah Advisory Council, and Dr Sayd Farook, Adviser to the Director General, The Executive Office of His Highness Sheikh Mohammed bin Rashid Al Maktoum.

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Category: Asia, Europe, Islamic Economy, Media & Events, Middle East & Africa, Oceania, Research, The Americas, Trade Events

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