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    Islamic economy summit begins today

    The two-day summit will focus on six main pillars of the Islamic economy – Islamic finance and insurance, Halal food, Halal lifestyle, Halal travel, and SME Development.

    Dubai will host the first Global Islamic Economy Summit with the vision to become the catalyst of a new economic paradigm that positions Dubai as the capital of the Islamic economy and connects the world’s leading thinkers, policy makers and stakeholders to inspire projects and drive future investments in more than $4 trillion Islamic economy.

    His Highness Shaikh Mohammed bin Rashid Al Maktoum ,Vice-President and Prime Minister of the UAE and Ruler of Dubai, will open the summit on Monday in presence of more than 3,000 business leaders, decision makers and Islamic economy experts. Shaikh Mohammed will also attend the first day of the two-day summit in support for efforts being made to make Dubai the capital of Islamic economy.

    The two-day summit will focus on six main pillars of the Islamic economy – Islamic finance and insurance, Halal food, Halal lifestyle, Halal travel, and SME Development.

    Mohammed bin Abdullah Al Gargawi, Minister for Cabinet Affairs, chairman of the Executive Office of His Highness Shaikh Mohammed bin Rashid, and Chairman of Higher Committee for the Development of the Islamic Economy Sector, said the organisation of the summit is aimed at providing a platform to bring together specialised prominent experts and decision makers, as well as an ideal opportunity to discuss the opportunities for the development of Islamic economy.

    “With all its sectors and tools, Islamic economy represents one of the vital elements of our diversified national economy, which has promising quality opportunities,” Al Gergawi added.

    Among others, the key objectives of the summit include: showcasing and promoting Islamic investment opportunities and challenges in emerging Islamic Finance centres; identifying and addressing key challenges affecting the growth of each of the Islamic economy sectors, from standardisation to capacity development; facilitating discussions on capital raising preferences, opportunities and challenges from Islamic markets; and to act as the innovation platform for the Islamic economy.

    Last year, globally Halal food spending crossed more than $1 trillion, Shariah-complaint finance reached $1.1 trillion, Halal travel touched $137 billion. Shariah-compliant clothing, cosmetics, and pharma sector witnessed $224 billion, $26 billion and $70 billion spending respectively. With a disposable income of $4.8 billion, Muslims are increasingly asserting their Islamic sensitivities in consumption, from food preferences to banking and finance extending all the way to fashion, cosmetics, travel and healthcare. Islamic financing assets are expected to cross $4 trillion in 2013 compared to $1.35 trillion in 2012.

    Located at the centre of the Islamic world, Dubai is the potential nucleus of the Islamic economy, boasting the strongest economic and trade linkages between the East and West, the North and South and the focal point between the African, Asian and European markets. According to recent studies, the Islamic economies of the world represent more than $8 trillion in GDP.

    The summit will be addressed by nearly 100 top speakers including government ministers, governor and deputy governors of central banks, secretary generals of standard setters, C-level executives of target industries, heads of divisions and strategic business units, Shariah scholars and advisors, and academic professionals.

    (Khaleej Times)

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