DED launches Global Islamic Business Award


Dubai—The Department of Economic Development (DED) in Dubai unveiled the ‘Global Islamic Business Excellence Centre’ (GIBEC), which aims to expand Islamic economic activities beyond Islamic finance and contribute to the development of an Islamic business ecosystem in line with the emirate’s Islamic economy capital initiative. The Centre will also institute the ‘Global Islamic Business Award’ to promote best practices and excellence among organisations and enterprises conducting their business based on Islamic values. GIBEC is also likely to extend its services to the 56 member countries of the Islamic Development Bank (IDB) and the Organisation of Islamic Co-operation (OIC) at a later stage.
“The Global Islamic Business Excellence Centre will facilitate the further development and integration of Islamic quality management standards into economic activities in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to position the emirate as the capital of the Islamic economy,” His Excellency Sami Al Qamzi, Director General of DED said. “The excellence centre along with the award will help align the strategic goal of the Department of Economic Development to promote quality, excellence and innovation, with the Islamic economy capital initiative,” added Al Qamzi.
GIBEC seeks to address the lack of a specialised entity dealing with qualitative aspects of the Islamic economic paradigm by developing and promoting Islamic value-based standards. Ensuring both qualitative and quantitative development in Islamic economy is expected to attract new foreign direct investment (FDI) and further promote economic and business sustainability. Supported by IDB, the Centre aims to serve as a global centre for applied Islamic economics, promoting Islamic values across all aspects of doing business and creating value for all stakeholders.—Agencies