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ALKESH SHARMA / Emirates Business
At a time when most of the leading economies worldwide are struggling with the woes of financial meltdown, Islamic economies are among the fastest-developing markets in the world. From halal products and industry to Islamic banking and finance, this economy encompasses a number of sectors that are receiving a worldwide recognition and generating a robust demand. In this positive economic scenario, the UAE is the bright spot in the galaxy of Islamic nations.
“With the help of its proactive policies and administration, the UAE has emerged as the top Arab nation and second to Malaysia in the Global Islamic Economy Indicator in 2015. Right from financial institutions to clothing to food to tourism; Islamic economy’s spectrum encompasses myriad of industries. It offers immense opportunities to young entrepreneurs to venture into,†Rakesh Lokhandwala, an economist, working with a nationalised bank in the Emirates, told Emirates Business.
Notably, over 2,000 policymakers, thinkers and business leaders from the across the world had converged in Dubai to participate in the Global Islamic Economy Summit. Dubai has moved in just a few years from a research and preparation phase to one of global engagement with the Islamic economy, represented by its numerous ethically-based sectors. “On the finance front, Dubai is the world’s leading hub for the multi-billion dollar trade in sukuk issuance. Dubai, an attractive family-friendly tourism destination, is well on its path to achieve its goal of 20 million visitors by 2020. In the halal food sector, the UAE is ranked third, behind Malaysia and Pakistan,†stated a Dubai-based entrepreneur, who is dealing in Halal food producte.
UAE is putting much emphasis on the development of various core pillars of Islamic economy — Islamic finance, halal food and tourism, Islamic knowledge, Islamic arts and design, Islamic digital economy and Islamic standards — and that is one of the main reasons behind the country’s exponential growth story.
The State of the Global Islamic Economy (SGIE) Report 2015-2016 states that the Muslim population is growing at twice the rate of the global population, and Muslim consumer spending across the different sectors of the Islamic economy is expected to reach AED9.55 trillion by 2020, compared to AED6.6 trillion in 2014.