UAE strives for excellence in Islamic finance: Mohammed

Vice-President inaugurates Global Islamic Economy Summit in Dubai.  A long term view of the UAE’s potential to become a centre of excellence in all fields, including Islamic finance, was laid out by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday.

Shaikh Mohammed, Shaikh Hamdan, Shaikh Majid, Shaikh Mansour, Dr Ahmed Ali Al Madani, James C. Smith and senior officials at the opening of the Global Islamic Economy Summit in Dubai on Monday. — KT photo by Shihab

‘‘If history is being written now, then the future is being made here in the United Arab Emirates. With the determination of our people and our potentials, we can be the world’s Islamic economy capital,” Shaikh Mohammed said after inaugurating the Global Islamic Economy Summit (GIES). He said innovation would drive the future goals of the country, and would lay the foundation for government strategies and policies. Shaikh Mohammed said quality services should add value and create an integrated system to boost Dubai’s competitiveness as a capital of Islamic economy. The first day of the summit was attended by 2,000 people, and included Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai; Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; Shaikh Majid bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority; Shaikh Mansour bin Mohammed bin Rashid Al Maktoum, Mohammed bin Abdullah Al Gergawi, Minister for Cabinet Affairs; James C. Smith, CEO, President and Director, Thomson Reuters; and a number of local, regional and international ministers and senior officials. Shaikh Mohammed also attended the Islamic Economy Award ceremony and presented Dr Ahmed Ali Al Madani, President of the Islamic Development Bank, with the Life-time Achievement Award, for his key role in supporting the bank’s goal to support the private sector in the Islamic world. Winners across 14 categories were given awards, which aim to acknowledge efforts made by business leaders in innovating the best solutions globally in compliance with Islamic Shariah. Minister of State for Financial Affairs Obaid Humaid Al Tayer and Dr Ahmed Ali Al Madani delivered keynote speeches. The GIES’ second session on Tuesday will discuss Shariah compliant banking services, which will be attended by CEOs working in the sector. The session will be followed by the Ethical Finance and Innovation Challenge Awards ceremony. Evening sessions will discuss Halal foods, lifestyles, family travel, asset management and Islamic investments, as well as available business opportunities in sectors of the Islamic economy. - Khaleejtimes.com