The government taskforce set up to develop Dubai’s Islamic economy aims to grow the sector’s contribution to the emirate’s gross domestic product to 10 per cent by 2021 from 8.3 per cent today.
The Islamic economy, which includes Sharia-compliant banking, retail and other products and services, could be boosted through efficient and widespread use of modern technology, the Dubai Islamic Economy Development Centre said in a statement on Saturday.
“The UAE is a catalyst for innovative initiatives and policies that present effective solutions to global economic challenges, while specifically enhancing the Islamic economy,” said Sultan Al Mansouri, UAE Minister of Economy and chairman of DIEDC.
“As a comprehensive economic system, a knowledge-based economy also paves the path to the economy of the future.”
DIEDC in 2017 launched a new Islamic economy strategy for the five-year period to 2021. The strategy aims to identify new metrics to monitor the growth of three key sectors – Islamic finance, halal products, and Islamic lifestyle (including culture, art, fashion and family tourism) – and measure their contribution to the national GDP.
In 2018, the overall Islamic economy accounted for 8.3 per cent of Dubai’s GDP, while the halal industry made up 5.8 per cent of total Dubai trade volumes, showed official figures from Dubai Statistics Centre.
Demand for Sharia-compliant products and services is rising globally to cater to the world's Muslim population, with the Islamic finance sector growing especially quickly. Sharia-compliant financial assets were estimated to make up 1 per cent of all financial assets worldwide in 2017, according to Thomson Reuters. The industry grew by 6 per cent to reach $2.4 trillion by the end of last year, according to this year's Global Islamic Finance Report by Edbiz Consulting based in the UK.
The UAE is among the countries leading the way, and Dubai this year set a world record for the highest value of sukuk (Islamic bond) listings – Dh217.33 billion ($60bn) – in one year, according to the Department of Economic Development's Dubai Economic Report 2018.
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The scope of the DIEDC will be further broadened in 2019. “A specific goal would be to [increase Islamic economy’s contribution to GDP] through efficient use of modern technology,” said DIEDC director general Essa Kazim.
In the year ahead, the centre aims to develop partnerships with local and international organisations, with the goal of building a regulatory framework and ecosystem to shape the growth of the Islamic economy. Increasing knowledge, industry standards and use of digital technologies in Sharia-compliant industries are key to the DIEDC’s strategy for 2019.
It also aims to supply young talent with the required skill set to boost growth across key sectors of the Islamic economy and contribute to the growth of the wider knowledge economy.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Haemoglobin disorders explained
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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States of Passion by Nihad Sirees,
Pushkin Press
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
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Abu Dhabi Grand Slam Jiu-Jitsu World Tour Calendar 2018/19
July 29: OTA Gymnasium in Tokyo, Japan
Sep 22-23: LA Convention Centre in Los Angeles, US
Nov 16-18: Carioca Arena Centre in Rio de Janeiro, Brazil
Feb 7-9: Mubadala Arena in Abu Dhabi, UAE
Mar 9-10: Copper Box Arena in London, UK
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
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