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 and Industry
Dubai Chamber of Commerce and 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.
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The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic
Dubai Chamber of Commerce and 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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