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The Islamic Economy Fiqh Forum to launch next Sunday in Dubai

UAE –Dubai – 20th March 2015: The Islamic Economy Fiqh Forum is set to launch in Dubai next Sunday at Dubai World Trade Center and will be held until March 24th. The announcement came in the presence of Islamic scholars and specialists in the field of economy, and a number of prominent thinkers that the forum will be hosting.

The forum supports the initiative launched by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as a global capital of the Islamic economy. This forum is under the patronage of Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council. The Islamic Economy Fiqh Forum is organized by the Islamic Affairs and Charitable Activities Department in Dubai in collaboration with Dubai Islamic Economy Development Center.

Director General of the IACAD, President of the Islamic Economy Fiqh Forum’s Organizing Committee and Board Member of the Supreme Committee of Dubai, HE Dr. Hamad Al Shaibani said, “IACAD is organizing the Islamic Economy Fiqh Forum to serve as a reference for Islamic Economy affairs. Its aim to  propose an integrated infrastructure and legislative of this promising field for Dubai to put its mark as the first entity in the world to follow the Islamic economy rules in accordance with the doctrinal system placed by prominent specialists in this area of the Islamic law scholars and Islamic economy specialists.”

Al Shaibani added, “Through this forum, we will be demonstrating that Dubai, as His Highness Shaikh Mohammed bin Rashid Al Maktoum said, had a solid infrastructure and strategic location in the heart of the Islamic world that qualifies it to be the global capital of Islamic economy. UAE was voted as the first in the Arab World and the third globally as the best environment to launch Islamic investments for the current year. We are moving steadily to be the first around the world through this forum as the trusted reference in Islamic transactions”

This forum will discuss four main themes, all in the development of a governmental Islamic system for the financial Islamic corporations and organizations, which helps in the creation of a flexible and dynamic infrastructure positioned to compete globally and to achieve a quantum leap in this sector. The forum has four key themes: legislation, application, analysis and future.

The fourth theme states that the infrastructure will promote and establish Dubai as a capital of the Islamic economy in the medium and long run, by taking into consideration seven themes: Islamic finance, halal products, family tourism, the digital economy, Islamic designs, cognitive sector and finally, commercial and industrial Islamic standards.

It is noteworthy that the number of papers submitted to the Forum reached 34 researches that were carefully selected from 49 submitted to the supreme organizing committee. Research states in its entirety, problematic issues of Islamic economics in our time, especially in light of the need for doctrinal reference that summarizes the result of cumulative expertise in this area. Part of the presented research review the offerings that will improve the system of Islamic economics and keep up with the demand for Islamic products to take the lead in Islamic economics in the world.

HE Shaibani said that the UAE is not new to the sector of Islamic economy. Dubai was the first in the world to have an Islamic bank 40 years ago. He also pointed out that the UAE is currently ranked first in the world in the field of issuing laws and regulations governing Islamic financial transactions. Therefore, the forum is only the beginning of a new station on the road, "Dubai the global capital of Islamic economy.”