Dubai Islamic Economy Development Centre Opens Submissions for Islamic Economy Award 2014

Al Gergawi: “The Award is an incentive for supporting and developing Islamic Economy”

DUBAI, UAE: 21 June, 2014 – Under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and in line with the directive of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Dubai Islamic Economy Development Centre (DIEDC) in conjunction with Thomson Reuters has opened submissions for the second Islamic Economy Awards.  

Launched in 2013, the annual award seeks to recognise innovative world-class business initiatives and ideas that are sharia-compliant and contribute to the social and economic welfare of the Muslim population. 

His Excellency Mohammed Al Gergawi, Chairman of the Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and Chairman of Dubai Islamic Economy Development Centre, said: “The Islamic Economy Award strengthens the UAE’s position as a pioneer in this important sector. We have aimed to set a global benchmark with the award that seeks to articulate the Dubai: Capital of Islamic Economy vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum. DIEDC, in accordance with the direction of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.” 

He added: “Through organizing the second Islamic Economy Awards, we reiterate our keenness in providing a platform that highlights the capabilities of different institutions working in Islamic Economy. We are confident that honouring organisations and individuals that support the Islamic economy and develop its sectors will drive greater advancement and innovation.” 

DIEDC announced that nominations for the second round of the award via the website www.islamiceconomyaward.com are currently underway and will close on 7 October 2014. The award winners will be announced in the 4th quarter of 2014.

Hussain Al-Qemzi, member of the DIEDC board and head of the jury panel, said: “DIEDC’s initiatives, including the Islamic Economy Award 2014, have drawn increased and conscious participation from diverse industries in their commitment to contribute to the Dubai Capital of Islamic Economy vision. We are confident the second Islamic Economy Awards will strongly outpace the participation registered at the inaugural edition last year. We invite change-makers and key influencers to apply for the awards.”

Dr Sayd Farook, Global Head Islamic Markets at Thomson Reuters, said: “Thomson Reuters is honoured to manage the Islamic Economy Award in conjunction with DIEDC. The Islamic economy as one of the largest identifiable market segments across borders is set to shape the aspirations of a young population of more than 1.6 billion. It is important we identify and recognise trailblazers who have inspired and shown the way for others towards shaping this ethical economic paradigm.” 

Nadim Najjar, Managing Director, Middle East, Africa and Russia/CIS, for Thomson Reuters, said: “The Islamic Economy Award initiative in partnership with DIEDC is an opportunity to recognise the individual efforts and progress being made. In recognising the business leaders of the Islamic economy, we are not only acknowledging their efforts but also inspiring a new generation of change-makers to take the Islamic Economy forward.”

The Islamic Economy Award will recognise global and regional leadership within the following eight categories: 

1.    Islamic Finance - Islamic microfinance, SME & Venture Capital Financing, corporate or sovereign sukuk issuing entities, takaful and retakaful, Islamic banking, and Islamic fund management

2.    Food  & Health - Agriculture, ingredients and manufacturing, retail, logistics, research and product development and food services, cosmetics, personal care, and pharmaceuticals

3.    Media - Entertainment shows, publications, social media, and mobile apps

4.    Hospitality and Tourism - Family friendly travel, meetings, incentives, conferences and exhibitions (MICE), medical tourism, and Hajj/ Ummrah

5.    Waqf and Endowments - Innovative solutions, government managed and private awqaf/waqf management services, and cross-border waqf

6.    SME Development – Technology, incubation, training, infrastructure and SME Eco System development.

7.    Islamic Economy Knowledge Infrastructure - Research and educational institutions or initiatives, compliance and standardisation

8.    Islamic Arts - Artists, fashion and jewelry designers

In addition, a ‘Lifetime Achievement Award’ will recognise an outstanding business leader for demonstrating inspired leadership while positively influencing the Islamic economy and making an impactful contribution to the sector.