Summit to discuss future of $4 trillion Islamic economy

Dubai Chamber of Commerce and Industry (Dubai Chamber), in partnership with Thomson Reuters, is organizing the first Global Islamic Economy Summit in Dubai on Nov. 25-26. The summit comes in line with the launch of "Dubai: Capital of Islamic Economy" by Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, and is held with his support.
Positioning the global Islamic economy in the heart of the GCC, the summit will gather leading thinkers, policy makers and stakeholders from around the world to lead a discussion on the future of the $4 trillion Islamic economy.
With a consumer base of 1.6 billion Muslims, many of whom live in the GCC, much has been said about the promise the Islamic world holds for economic growth and profitability. Yet very little transformative dialogue has been undertaken to assess the scale of opportunities and challenges within the global Islamic economy.
The summit will initiate critical dialogue on the development of the integrated sectors of the Islamic economy, covering Islamic financial services, halal manufacturing and related lifestyle sectors.
Discussions will focus on six major pillars of the Islamic economy: Islamic finance; halal food; halal lifestyle; halal travel; SME development; and Islamic economy infrastructure.
Islamic finance will cover Islamic banking, Islamic asset management, takaful and retakaful, sukuk and capital markets and Waqf endowments; halal food: agriculture, ingredients and manufacturing, retail, logistics, research and product development and food services; halal lifestyle: cosmetics, personal care, pharmaceuticals, fashion, entertainment; art and design and media; halal travel: hospitality, tourism, meetings incentives conferences and exhibitions (MICE), health care and Haj/Umrah; SME development: Technology and innovation, venture capital financing, incubation and training; Islamic economy infrastructure: training and education, compliance, standardization, research, Muslim consumer marketing and research and government services.
The event will feature the launch of several innovations relating to the Islamic economy, including ground-breaking market studies and announcements from Dubai, described as the capital of Islamic economy.
Commenting on the launch, Mohammed Abdullah Gergawi, minister of cabinet affairs, the UAE, and chairman of the executive office of Sheikh Mohammed bin Rashid Al Maktoum said: “As part of the "Dubai: Capital of Islamic economy" initiative, the Global Islamic Economy Summit 2013 offers that one point of focus highlighting a world of opportunities in the Islamic economy. And there’s no better place to do it than Dubai, the geographic and economic nexus of the Islamic world and a melting pot of citizens from hundreds of countries and dozens of cultures.”
Abdul Rahman Saif Al-Ghurair, chairman, Dubai Chamber, said: “As a leading global business and leisure destination, Dubai is an ideal choice to become the capital of the Islamic economy. The UAE is already one of the biggest markets in the region for Islamic banking and we see major opportunities to enhance the halal food industry, develop trade policies and commercial laws, and Islamic tourism among other sectors. The Global Islamic Economy Summit will be the ideal platform to explore these ideas and begin a constructive dialogue for future growth and development.”
Russell Haworth, managing director, Middle East and North Africa, Thomson Reuters, said: “The emergence of an Islamic economy as a definable economic paradigm opens up a new horizon of opportunities that, if nurtured, can bring tremendous benefits for societies all over the world.”
Sayd Farook, global head of Islamic capital markets, Thomson Reuters, commented: “In the current global economic climate, the search for new underserved markets has brought a fresh spotlight onto the Muslim world, and especially with regard to Islamic finance and the halal food and services sectors. The convergence of these two Shariah-compliant industries is likely to be a new engine of growth that engages both the Muslim and non-Muslim world.”
Established in 1965, the mission of Dubai Chamber, a non-profit public entity, is to represent, support and protect the interests of the business community in Dubai by creating a favorable business environment, supporting the development of business, and by promoting Dubai as an international business hub.
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