‘Islamic economy at heart of global economic movement’

DUBAI / WAM

Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of Dubai Islamic Economy Development Centre (DIEDC) has emphasised that the Islamic economy is today at the heart of the global economic movement, which aims at stimulating growth, achieving sustainability and equity in development.
Al Mansouri’s remarks came during a speech during the Islamic Economy Award 2017, where he went on to say that the award ceremony is not only a celebration of individual and collective contributions that are driving the growth of Islamic economy sectors locally and internationally, but also a celebration of Dubai’s initiatives and the vision of the Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, that responded to the urgent global need to develop an ethical and integrated economic system.
He went on to say that DIEDC’s updated strategy and new initiatives, implemented in collaboration with its strategic partners, have created a favourable legislative and regulatory environment for Islamic economic institutions to ensure their significant contribution to the GDP through diversifying the sources of income and attracting foreign investment.
“Today, the presence of Islamic economy is exemplified in the interest of governments, private sector institutions and investors from around the world in identifying and developing a greater understanding of the principles and standards of Islamic financial products. The Islamic economy has placed Dubai and the UAE at the centre of this international orientation, making the country a key incubator of its standards, cultures and innovations. And here lies the importance of the Islamic Economy Award that helps innovators present models for the future of this promising economic system,” he added.
“The opportunity today is more favourable than ever to promote the Islamic economy. China’s ‘One Belt One Road’ initiative, where Islamic finance products such as sukuk are playing an important role in financing projects associated with the initiative, is an outstanding example of what can be achieved,” the Minister of Economy added.