Dubai’s strategy centre for Islamic finance close to goals

A centre tasked with implementing Dubai’s strategy to become a global hub for the Islamic economy has made progress on about 75 per cent of its initiatives so far this year.

The Dubai Islamic Economy Development Centre (DIEDC), which was set up in 2013, said yesterday it held a board meeting on Tuesday attended by Sultan Al ­Mansouri, the Minister of Economy and the chairman of the centre, to discuss its achievements.

The centre has identified key sectors for developing three segments of the Islamic economy: Islamic finance, halal products and Islamic lifestyle which includes culture, art, fashion and family tourism.

“Dubai and the UAE are instrumental in raising awareness about the culture of Islamic economy worldwide and boosting global interest in adopting its principles,” said the Minister.

“The Islamic economy ­strategy adopted by Dubai and the wider UAE is truly unique in its ability to foresee economic changes, offer secure investment options and utilise bonds to finance major projects across the globe.”

The board discussed a number of new initiatives, including a proposal to set up a national re-takaful or Islamic re-insurance company and creating a central Sharia advisory body “to streamline the provision of sharia review services to Islamic financial institutions” in the UAE.

Meanwhile, the Cabinet approved on Tuesday members for the Higher Sharia Board for Banking and Finance, which will bolster the Islamic finance industry, the state-run Wam news agency said.

The board will be responsible for setting “rules, standards and general principles for banking and financial activities that comply with Islamic laws” and “a general framework for Islamic governance and fatwa issuance on matters highlighted by the central bank or other financial institutions” in the UAE.

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