The Global Islamic Economy Summit (GIES) is the region’s premier forum on the Islamic economy. It brings together world-class experts in critical industry sectors that span geographic regions and cultural boundaries to directly address the greatest challenges and opportunities in the Islamic economy.
Dedicated to one of the best-performing markets in the world, GIES represents an estimated $2 trillion in consumer spending, by nearly 1.6 billion predominantly young Muslims worldwide.
Spending by this population, which is expanding at twice the rate of the global population, is forecast to reach $2.6 trillion by 2020.
About Dubai Chamber of Commerce & Industry
Dubai Chamber of Commerce & Industry was established in 1965 by a decree issued by the late Ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoum, who realized the important role that a chamber of commerce could play in supporting the national economy.
About Dubai Islamic Economy Development Centre
Dubai Islamic Economy Development Centre (DIEDC) was established in December 2013 to transform Dubai into the ‘Capital of Islamic Economy’, as envisioned by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The absence of a viable international scheme to accredit halal-certification bodies has long been a problem for Islamic economy sectors. Similarly, the issuance of many different standards by government authorities, private organisations and independent certification bodies has made it difficult for companies to determine which standard to follow.
Although the challenge is more pronounced within the halal food industry, it is present across the board.
In this context, the Islamic Standards pillar encourages more coordination and greater harmonisation between accreditation bodies, and consolidation of commercial and industrial specifications for Islamic products and services.
The overarching objective is to enhance the trust and credibility of Islamic products, and encourage compliance by entities active in Islamic economy sectors.
Ultimately, having an Islamic governance centre will boost Islamic industries locally and internationally, whilst allowing investors and consumers to benefit from their products and services.
Innovative technologies have historically played a prominent role in shaping developed economies. Consequently, building robust digital infrastructure can directly contribute to the growth of an Islamic economy.
This pillar encompasses digital platforms and solutions from the Muslim-majority countries of the Organisation of Islamic Cooperation countries, as well as global digital platforms and solutions that support other pillars of the Islamic economy.
It focuses on the development of a digital Islamic economy by ensuring sufficient funding is allocated for innovative ideas, projects, programmes; creating free zone hubs for technology-based industries; cultivating talent from around the world, and providing them with the required support and infrastructure.
Modest fashion and Islamic art have gained considerable international appeal in recent years and are attracting investment from across the world.
While the Muslim clothing market has attracted mainstream fashion houses and an estimated $230 billion in consumer expenditure in 2014, Islamic arts have penetrated international auction houses and architectural designs.
This pillar focuses on nurturing the development of Islamic fashion, arts, and design by promoting Islamic art education, and by launching awards and competitions that recognise Islamic architecture and fashion design.
It aims to encourage partnerships with international museums, auction houses and fashion brands as a way to increase global exposure to local artists, architects and designers, and propel them onto the international scene.
Education is key to transforming a nation into an economic hub. It is therefore crucial for Islamic economies to establish world-class educational infrastructure, research facilities, and human capital.
The Islamic Knowledge pillar emphasises the importance of establishing global reference points for anyone seeking information on the nuances of an Islamic economy.
To accomplish this, the pillar encourages the creation of free zone clusters that attract global academic institutions; setting up centres within universities to offer training in Islamic economy sectors; and establishing world-class research centres.
Muslim-friendly travel has evolved in recent years to become a fundamental market within the global travel sector. With the increasing availability of mosques, local halal restaurants and Islamic hospitality services, Muslim travellers are continuously exploring new destinations.
In 2014, global Muslim spending on outbound travel was estimated at $142 billion excluding Hajj and Umrah, thus accounting for 11% of global travel expenditure.
As a result, there is an ongoing, widespread effort by tourism boards, hospitality groups, travel companies and start-ups to appeal to Muslim travellers.
This pillar covers the flourishing family-tourism market and Islamic tourism in particular, including the development of Muslim-friendly resorts, mid-tier products for the mid-market segment, eco-tourism, theme parks, and heritage tourism. It also encourages the provision of integrated facilities for Muslim travellers.
Halal certified products, which require that Shariah principles and measures have been observed throughout the supply chain process, from production to transportation and distribution, are rapidly turning into a major source of growth in both the Islamic and wider global economy. Driven by increasing demand, the halal food and beverage (F&B) market saw consumer spending reach $1.128 billion in 2014, a year-on-year increase of 4.3 percent.
With total F&B spending estimated at $6.7 billion in the same year, halal F&B spending accounted for 16.7 per cent of global expenditure in 2014.
Building on the market’s robust performance, this pillar focuses on the continued prosperity of the halal industry by encouraging the harmonisation of halal standards, expanding the availability of raw materials, and facilitating partnerships between Organisation of Islamic Cooperation (OIC) and non-OIC countries.
It also aims to address challenges within the halal industry, such as the difficulties in accessing Shariah-compliant funding and the absence of an international accreditation body.
Islamic finance, rooted within the principles of the Islamic Shariah, offers innovative financial and banking instruments that respond to the contemporary needs of the financial market. It is one of the most prominent and widely expanding sectors of the Islamic economy. In 2014, Islamic finance assets were estimated at $1.81 trillion, compared to $1.65 trillion a year earlier.
Further growth is anticipated as new markets foray into Islamic finance, and as African and East Asian sovereign sukuk issuance rises in line with increased demand and investors’ growing comfort with relatively complex Shariah-compliant financial instruments. By 2020, total Islamic finance assets are projected to reach as much as $3.25 trillion.
The Islamic Finance pillar focuses on the continued development of this sector by further expanding its customer base through continuing to raise the awareness of Shariah-compliant financial instruments, and encouraging the creation of a more liquid market. At the same time, it aims to monitor and address the impact of global macroeconomic movements on Islamic finance.
MOSCOW/ SYDNEY, June 20 (Reuters) - Three state-linked Russian banks aim to introdu
The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic
Dubai Chamber of Commerce & Industry was established in 1965 by a decree issued by the late Ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoum, who realized the important role that a chamber of commerce could play in supporting the national economy. Dubai Chamber takes a pioneering position not only in the UAE and in the GCC, but globally too, by acting as an information and research centre, by providing business documentation, offering legal services, facilitating networking opportunities and delivering almost every conceivable business solution. Dubai Chamber’s mission is to represent, support and protect the interests of the business community in Dubai. www.dubaichamber.com
'Dubai Islamic Economy Development Centre' (DIEDC) was established in December 2013 to transform Dubai into the 'Capital of Islamic Economy', as envisioned by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, supervises the efforts of the DIEDC and its Board to bolster Dubai's bid to become a global hub for the Islamic Economy, encompassing a wide array of sectors through harnessing the projected US$6.7 trillion Islamic economy market.
DIEDC is equipped with the financial, administrative and legal tools to promote economic activities compatible with Islamic law in Dubai's goods and financial services sector, as well as the non-financial sector. In this capacity, it will conduct research and specialist studies to determine the contribution of sharia-compliant activities to the emirate's gross domestic product, and explore how to extend this contribution to boost the economy. DIEDC is also mandated to create new products and lines of service to law firms specialising in finance structuring.
For more information, visit http://www.iedcdubai.ae/
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ADIB is a leading bank in the UAE with more than AED 120 billion in assets. Its 931,352 customers benefit from the third largest distribution network in the UAE with 88 branches and more than 770 ATMs. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).
In the UAE, the Bank has more than 2,300 employees and remains one of the leading banks in the recruitment, development and promotion of local talent in all the markets in which it operates. The bank has one of the highest Emiratisation ratios with more than 43 percent of the bank’s workforce being UAE Nationals.
ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Iraq and Qatar.
Named “Best Bank in the UAE” by The Financial Times’ The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Etihad and Etisalat and a wide range of financing products.
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 90 branches in the UAE.
DIB’s leading position has been reaffirmed by more than 185 local, regional and international accolades that it has won since 2004. It has been declared the winner of the "Best Islamic Bank, UAE - 2016" by World Finance - Islamic Finance Awards 2016. DIB was also recognised for its banking services at the Banker ME Industry Awards 2016 for being named as the “Best Islamic Bank”; “Best Sukuk Arranger”; “Best Islamic Corporate Bank”, “Best Islamic Retail Bank - UAE”. DIB’s notable recognitions also includes being named the “Best Retail Bank ME", “Best Corporate Bank ME”, “Best Commercial Bank ME”, “Best Sukuk Arranger ME” and “Best Sukuk Deal” award at the Islamic Business & Finance Awards 2015
Dubai Silicon Oasis (DSO) is an integrated free zone technology park, wholly owned by the Government of Dubai. DSO was established following Law no 16 of 2005 of the Government of Dubai, with the Mission to "facilitate and promote modern technology based industries"; thus supporting the region's demand for business expansion. Companies operating within DSO can benefit from a full package of free zone incentives and benefits in addition to its integrated community that provides both a living and working environment.
DSO's urban master-planned community spans 7.2 million SQM and has been carefully divided into 5 main pillars based on industrial, commercial, education, living & residences, and public facilities. The technology park enjoys state-of-art utility infrastructure featuring advanced telecommunications, electricity, and road networks as well as a plethora of advantages including: in-house business services, and strong business support such as technology investment incentives for large enterprises, entrepreneurial support, an incubation centre, and venture capital funding.
Tawreeq Holdings is a group of related corporate entities, based in the UAE and Luxembourg, specialising in comprehensive Supply Chain Finance (SCF) solutions targeting small and medium-sized enterprises (SMEs) and their corporate clients across the MENA region.
Tawreeq introduced the world’s first comprehensive Sharia compliant SCF solutions to provide SMEs with needed support to grow by partnering with their Obligors and offering innovative short-term Sharia compliant investment solutions under SCF programs.
We provide an innovative approach to help service the trade flow in the MENA region, offering securitisation, factoring, reverse factoring and ethical management of the entire SCF cycle.
Tawreeq Holdings group includes Dar Al Tawreeq Forfaiting and Factoring Services LLC, iSCF Capital Limited, Tawreeq Investments, and HMR Consulting. The group offers:
An efficient alternative liquidity solution that provides Suppliers / SMEs with immediate access to cash by selling their approved invoices “Receivables”
Liquidity solutions tailored for large and mid-sized corporates to extend payment terms “Payables Finance” with regional and international suppliers
Comprehensive SCF Solutions
Tailored cash flow and working capital solutions to facilitate trading and financial terms between corporates and their suppliers network
Alternative Sharia-Complaint Investments
Competitive alternative asset-class investment that is short-term, Sharia-compliant, focused on the real economy, and provides attractive yields
Awqaf and Minors Affairs Foundation (AMAF) was established by the issue of law No. 6 in 2004 by His Highness the late Sheikh Maktoum bin Rashid Al Maktoum. With the expansion of the institution in its work and functions, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai issued law No. 9 in 2007 strengthening the work of the institution.
AMAF oversees the welfare of nearly 2,400 minor children through the development of ‘waqf’ (trust funds) that provide for their support and the care of their affairs, according to Shari’a principles through a well-structured long term plan, conscious vision and insight.
Fitch Ratings is a leading provider of credit ratings, commentary and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective and insights we provide help investors to make important credit judgments with confidence.
At Fitch Ratings, we have been providing independent and objective credit ratings to the Islamic Finance market for over a decade. With a strong track record in Islamic Finance, we rate more Islamic banks than any other global credit rating agency. We currently rate over 80 outstanding Islamic Finance instruments worldwide and 29 Islamic Finance based issuers.
Fitch has a dedicated Islamic Finance Group (IFG) that coordinates all Islamic Finance activities and expertise across the Sovereign, Financial Institutions, Corporates, Structured Finance, Infrastructure, and Insurance teams. In addition to being involved in the rating process of Islamic Finance entities and instruments, the IFG monitors and reports on this rapidly growing sector through specialised research and commentary, as well as criteria development. The Islamic Finance team spans various continents and time zones and brings a combination of local knowledge and a strategic global perspective to this evolving sector.
Fitch Group is a global leader in financial information services with operations in more than 30 countries. In addition to Fitch Ratings, the group includes Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; Fitch Learning, a provider of learning and development solutions for the global financial services industry; and BMI Research, a provider of country risk and industry analysis specializing in emerging and frontier markets. Fitch Group is majority-owned by Hearst.
National Bonds Corporation PJSC is a leading investment company that takes pride in its innovative shari'a approach to financial products and services; catering to a substantial and diversified client base of retail customers, high-net-worth individuals, and corporations.
National Bonds offers direct wealth accumulation through an all-in-one shari'a compliant Mudaraba based saving scheme, the first of its kind in the world. The company's strong belief in the pivotal role of savings in building a stronger economy helped its customers achieve their own financial future objectives through disciplined and regular saving habit. And it's committed to keep shaping brighter financial future for today's and tomorrow's generations.
National Bonds is a private joint stock shareholding company, established in March 2006 with a paid-up capital of AED 150 million. It is 100% owned by The Investment Corporation of Dubai, the investment arm of Dubai government. NBC is licensed and regulated by the UAE Central Bank, and audited by Dubai Government Audit Department, Sharia Supervisory Board as well as reputable International external auditors.
Noor Bank began operations in 2008. Since inception, it has differentiated itself as a leading Islamic bank in the region, by providing excellent service that puts the customer first.
Noor Bank focuses on providing unique, personalised services, in Personal and Corporate Banking, Priority Banking, Treasury, Wholesale Banking and through its dedicated SME platform. All of its operations are governed by a Shari’a Supervisory Board, comprising leading Islamic scholars.
The Bank has received multiple awards and was named ‘Best Islamic Bank in the UAE' by New York based Global Finance magazine for its annual World's Best Islamic Financial Institution Awards 2016.
The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%). The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank. For further details, please visit: www.noorbank.com or call 800 6667.
Dubai Design District, (d3), one of the TECOM Group’s communities, is a destination dedicated to design. The chosen home for the region’s collective of creatives, artists and designers, d3 is a shining beacon of inspiration and innovation. Created to answer the need from the industry, d3 provides businesses, entrepreneurs and individuals from across the design value chain with a thriving community where they can collaborate, create and inspire.
Offering something totally unique, d3 offers individuals and businesses the choice of operating either as a free zone entity or as an on-shore business.
d3 both nurtures local Islamic designers and enables established brands to reach a new audience. Through international events such as Fashion Forward, Dubai Design Week and Meet d3, d3 champions regional talent with a focus on Islamic design and architecture whilst the events simultaneously drive footfall to the district.
With this year’s launch of lifestyle boutiques, contemporary art galleries and culinary concepts in its core 11 buildings, d3 is causing a cultural buzz. Taking a novel approach, d3 has selected original concepts to form a creative community of new outlets, restaurants and pop-up events that invite visitors to enjoy a more authentic shopping and dining experience.
Dubai Culture & Arts Authority (Dubai Culture) is the Emirate’s dedicated authority for culture, arts and heritage in Dubai. the Authority is instrumental in establishing Dubai as a global centre for creativity, Islamic arts and enhancing the city's cultural identity in order to drive the creative economy. The Authority’s initiatives are aligned with Dubai Plan 2021 to make Dubai a city of happy, creative and empowered people, who proudly celebrate their cultural identities.
Dubai Culture initiatives aim to further showcase Dubai’s position as the capital of Islamic arts, culture and economy worldwide and provide people from all walks of life with educational platforms to gain deeper understanding of Islamic culture.
The Authority’s initiatives include Creatopia (www.creatopia.ae) - the nation’s first government empowered virtual community that guides and nurtures the creative culture of the nation and provides a platform of information and opportunities that lead to exposure and personal growth.
For more information on Dubai Culture, visit www.dubaiculture.gov.ae
Path Solutions is a leading information technology solutions provider offering a broad, deep spectrum of Sharia-compliant integrated solutions and services to the Islamic financial marketplace.
Designed to meet the needs of modern Islamic banking, Path Solutions’ turnkey solutions are based on an open, flexible architecture and an established deployment methodology. They have been tested and implemented at some of the world’s most sophisticated Islamic banks, Islamic banking windows as well as conventional banks converting into Islamic banking operations.
The company’s flagship product - iMAL, provides a complete suite of Islamic banking applications with a rich sweep of functionality and features, addressing Sharia compliance, local and regulatory requirements. The system is built on the JEE platform and is SOA compliant. iMAL runs as a web application and can be deployed in a multi-tier setup environment.
Path Solutions’ team of qualified professionals and complementary solution partners have an unparalleled ability to address regulatory and Sharia compliance requirements at both international and regional levels. Armed with deep industry expertise and field-tested best practices, the company’s team strives to provide the highest quality services to its clients all over the world.