Dubai has revealed its intentions to become an Islamic economy where business in several sectors based on Islamic principles could flourish. It also wants to become a hub for the transactions of Islamic bonds and willing to compete with the Kuala Lumpur and London which continue to dominate the Islamic financial market. The announcements were made as part of United Arab Emirates Islamic Economic Strategy which aims to turn Dubai into the Capital of Islamic Economy.
The vice -president and prime minister of the UAE and ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum, was “optimistic about the success” of their plans to mark Dubai as “the global destination of choice” on the global economic map. They are hoping to provide Islamic products, financial services, food products, education and tourism to the market with clear and commonly accepted standards. They also want to raise the level of management and the quality of the sector to higher heights while adhering to the Islamic principles.
The emirate is eyeing the Muslims around the world and hopes that it will be able to attract the total foreign trade of the Muslim Ummah of $4 trillion. There are an estimated 1,6 billion of Muslims around the world.
Mohammed al-Gergawi, chairman of Dubai Holding, firm owned by the emirate, said Dubai has the “potential” to benefit from its plans compared to the amount of trade involved. He projected that could be leading the global Islamic economy in less than 5 years but Dubai’s ruler preferred to limit at 3years.
Abdulaziz al-Ghurair, chairman of the authority overseeing Dubai’s financial center, believes that Islamic insurance will also be profitable because there are only 19 Islamic reinsurance firms globally.
UAE: turning Dubai into the Capital of Islamic Economy.
