Global Islamic economy summit to pave way for inspiring change

Observer Report

Dubai—Dubai Chamber of Commerce and Industry, Dubai Islamic Economic Development Centre (DIEDC), and Thomson Reuters will launch the third instalment of the Global Islamic Economy Summit (GIES). Bearing the theme “Inspiring Change”, the summit will take place on October 11 and 12, 2016, in Madinat Jumeirah, Dubai, under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The two-day event will discuss several aspects of the Islamic economy amidst optimistic projections for its different sectors, and the impressive growth it has witnessed in the past several years.
Majid Saif Al Ghurair, Chairman, Dubai Chamber, and Board Member of the Dubai Islamic Economy Development Centre, said: “We cannot but express our gratitude to our esteemed partners for the tremendous efforts they have dedicated towards the success of the Global Islamic Economy Summit 2016. Renowned institutions from various economic sectors all joined hands with us to bring the Summit to fruition, and, without their efforts, the event would not be the force-to-be-reckoned-with that it is today.”
Dr Mohammed Alzarooni, Vice Chairman and CEO of Dubai Silicon Oasis Authority, said: “GIES 2016 marks the third edition of this definitive event that articulates Dubai’s ambitions to emerge as the global capital of Islamic economy. DSOA is committed to actively participating in the growth of the emirate’s Islamic economy sector that plays a significant role in shaping its post-oil economy. As a hub for tech businesses, we are especially dedicated to support the area of digital Islamic economy, a focus of the mandate set by our wise leadership. Digital Islamic economy is a key driver of the growth we foresee for the larger Islamic economy sector, given its capacity to transcend geographical boundaries and initiate innovative solutions and products that are aligned to the principles of Islamic economy”.
Dr Alzarooni added: “We are also pleased to organize the second edition of DSOA’s Innovation 4 Impact Competition at the summit this year. This event reiterates our commitment to support technology start-ups, especially emerging Islamic digital economy entrepreneurs, from around the world. It will provide the innovators with an ideal platform to showcase their innovative ideas in the field.”
Speaking ahead of the landmark summit, His Excellency Tayeb Al-Rais, Secretary General of Awqaf and Minors Affairs Foundation (AMAF), said: “We are pleased to partner with the Global Islamic Economy Summit that has achieved great success in the last two years. GIES has significantly strengthened Dubai’s position in Islamic economy on the regional and international levels. It has also promoted the emirate’s status as a leading model in endowment management, as well as in charitable and humanitarian work. We hope this year’s summit will build on these strengths and further enhance cooperation between all experts and stakeholders to forge a brighter future for our coming generations.”
Moreover, Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank added: “The global Islamic finance sector continues its upward trajectory and is estimated to reach USD 5 trillion by 2020. Driven by geometrically increasing demand emanating from more than 1.5 billion core consumers which form its niche, it is fast becoming a critical component of the financial system in many other jurisdictions including those previously considered non-core or non traditional. Whilst significant progress has been made since the inception of Dubai Islamic Bank more than 40 years ago, further innovation and enhancements must continue if the sector is to reach its ultimate goal of becoming a viable norm rather than an alternative.

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