International Finance
Islamic Banking

Dubai to Host Global Islamic Economy Summit 2013

Industry experts will focus on six major pillars of the Islamic economy which includes Islamic finance, Halal Food, Halal Lifestyle, Halal Travel, Islamic Infrastructure and SME Development.

17th August 2013

Dubai Chamber of Commerce and Industry in partnership with Thomson Reuters, is organizing the first Global Islamic Economy Summit in Dubai on November 25-26th.

“With a consumer base of 1.6 billion Muslims, many of them who 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” said a statement released by the chamber.

The announcement of the summit closely follows the launch of Dubai: Capital of Islamic Economy by Sheikh Mohammed Bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai. The summit will gather leading thinkers, policymakers, and stakeholders from around the world to lead a discussion on the future of $ 4 Trillion Islamic economy. Industry experts will focus on six major pillars of the Islamic economy which includes Islamic finance, Halal Food, Halal Lifestyle, Halal Travel, Islamic Infrastructure and SME Development. The event will feature the launch of several innovations relating to the Islamic economy, including ground breaking market studies and announcements from Dubai.

Some of the important topics to be discussed in the area of Islamic finance are Islamic asset management, sukuk and capital markets, Waqf endowments, takaful and re-takaful, venture capital financing, technology and innovation, SME development, healthcare and Hajj/Umrah and other aspects related to Islamic finance.

Sayd Farook, global head of Islamic Capital Markets, Thomson Reuters said “ In the current global economic climate, the search for new undeserved markets has brought a fresh spotlight onto the Muslim world, especially with regard to Islamic finance and the halal food and service sectors. The convergence of these two Sharia compliant industries is likely to be a new engine of growth that engages both the Muslim and non-Muslim world”.

Russell Haworth, Managing Director of Thomson Reuters for North East Africa 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”

Abdul Rahman Saif Al Ghurair, chairman, Dubai chamber said, “As a growing global business and leisure destination, Dubai is an ideal choice to become the capital of Islamic economy. We see major opportunities to enhance the halal food industry, develop trade policies, 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”.

Established in 1965, The Dubai Chamber of Commerce and Industry is a non profit public entity, to represent, support and protect the interest of the business community in Dubai by creating a favourable business environment, supporting the development of business and promoting Dubai as an international hub. Headquartered in New York, Thomson Reuters is world’s most trusted news organisation, it has its major operations in London, Minnesota and its shares are listed on the Toronto and New York Stock Exchanges.

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