Dubai Reference Point For Islamic Economy

In the heart of the UAE, Dubai is steadfastly establishing itself as the Dubai Reference Point for Islamic Economy, under the visionary guidance of Sheikh Mohammed bin Rashid Al Maktoum. Since the inception of the Dubai Islamic Economy Development Center (DIEDC) in early 2013, this vibrant emirate has embarked on an ambitious journey to not only diversify its economy but also to secure its esteemed position as the capital of the Islamic economic world. This strategic move underscores Dubai’s commitment to becoming the global hub for Islamic finance, halal industry, and ethical business practices, aligning perfectly with its goal to be recognized as the reference point for the Islamic economy on the international stage.

A Multifaceted Approach to Islamic Economic Leadership

The DIEDC, led by CEO Abdulla AlAwar, is at the forefront of transforming Dubai into a global reference point for the Islamic economy. This initiative spans seven critical pillars, each designed to integrate Islamic principles into key economic sectors, thereby fostering a holistic and inclusive economic environment.

1. Islamic Finance: The establishment of the Dubai Global Sukuk Center is a testament to Dubai’s ambition to become the premier destination for sukuk, enhancing its role in Islamic finance.
2. Halal Industry: Dubai is on a mission to become the trusted hub for halal product production, supply, certification, and standards, ensuring integrity and compliance with Sharia law.
3. Tourism: The emirate is expanding its offerings to cater to halal and family-friendly tourism, inviting visitors from around the globe to experience its hospitality.
4. Digital Islamic Economy: Entrepreneurs are supported through incubators aimed at fostering innovation within the Islamic economy, from fintech to e-commerce.
5. Lifestyle: Dubai promotes Islamic art, design, and fashion, celebrating the rich heritage and contemporary creativity of the Muslim world.
6. Information and Knowledge: Through initiatives like the City University of London MBA program in Islamic finance, Dubai is nurturing talent and becoming a knowledge hub for the Islamic economy.
7. Standards & Certification: The development of unified Islamic economy standards is crucial for ensuring consistency and integrity across sectors.

Empowering SMEs and Setting Global Standards

AlAwar emphasizes the critical role of SMEs and Islamic financial institutions, which are expected to see their assets double, in driving the Islamic economy forward. Collaborations with Dubai SME and Dubai Silicon Oasis are part of a broader strategy to support SME growth within this sector.

The challenge of standardization, driven by diverse interpretations of Sharia law, is being addressed through efforts to establish uniform standards. The DIEDC’s collaboration with the Emirates Authority for Standards & Metrology and the Dubai Accreditation Department aims to position Dubai as both a trade hub and a leader in halal standards.

The Role of the Private Sector

The involvement of the private sector is deemed ‘crucial’ by AlAwar. Companies like Al Islami Foods are leading by example, working closely with Dubai authorities to implement and promote Sharia-compliant standards and practices. This collaborative approach was highlighted at the Global Islamic Economy Summit (GIES), showcasing Dubai’s commitment to a unified and prosperous Islamic economy.

A Visionary Shift in Sharia Governance

Dubai’s Islamic economy initiatives represent not just a strategic economic diversification but also a visionary approach to integrating Sharia-compliant activities into its broader economic ecosystem. This includes developing unified standards that resonate on the ground in the UAE and beyond, ensuring the integrity of halal food production and distribution, and enhancing Dubai’s role as a transshipment point for halal goods.

As Dubai continues to lead and innovate within the Islamic economy, it sets a global standard for how economies can diversify and thrive while staying true to Islamic principles. The city’s journey is a beacon for the future of the Islamic economy