Experts expect new phase in Islamic economy

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Experts expect new phase in Islamic economy

“The Islamic economy is as old as Islam, but the need to look through the renewed vision in association with the worlds is of high importance."

By (Staff Report)

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Published: Mon 23 Mar 2015, 11:13 PM

Last updated: Thu 25 Jun 2015, 7:23 PM

Shaikh Ahmed bin Mohammed bin Rashid Al Maktoum and other guests at the Islamic Economic Fiqh Forum in Dubai on Sunday. — Wam

Dubai — Shaikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Mohammed bin Rashid Al Maktoum foundation, inaugurated the activities of the Islamic Economic Fiqh Forum on Sunday.

Dr Hamad Al Shaibani, director-general of the Department of Islamic Affairs and Charitable Activities Department, member of the Council for Islamic Economics Centre Dubai and Chairman of the Organising Committee of the forum, highlighted the event’s importance as a stepping stone towards the establishment of a global reference.

In his speech, he emphasised the standards of Islamic economics and pointed out that the presence of prestigious scholars from the Islamic law and economy makes the forum the most prominent of all, and puts it on the map of leading economies. Based on strong foundations of Share’a, the forum is set to become a leader of the Islamic thought and jurisprudence.

Dr Al Shabani added: “We will do our best to translate the recommendations of the forum into reality on ground. The decisions that arise out of the forum are bound to be the nucleus of the Islamic economic work. This is the beginning of the formation of a legislative doctrinal reference to Islamic economic action at the global level.”

In spite of all the obstacles, Dubai has become a land of opportunities with international schools offering its expertise. Dr Al Shaibani said: “We are counting a lot on the decisions that will be issued by the forum, to become an anchor for Islamic transactions on a global level. This forum is only the beginning of more conferences and meetings that will frame a new phase in the Islamic economy.”

Shaikh Abdullah bin Bayyah, President of the Forum for Promoting Peace in Muslim Societies, said: “The Islamic economy is as old as Islam, but the need to look through the renewed vision in association with the worlds is of high importance. The forum is here to ensure that all dealings come in Islamic context and builds a framework of the law.”

Abdullah Mohammed Al Awar, chief executive officer of the Dubai Islamic Economy Development Centre, or  DIEDC, said: “One of the key strategic objectives of the DIEDC is to encourage research and studies related to Islamic economy jurisprudence and ensure the legitimacy of its provisions in Islamic banking transactions and products. The forum will serve as prominent milestone in marking the progress and evolution of Dubai as a capital of Islamic economy.”

The first session focused on the first axis of the forum, a legislative axis that includes the assets of the economy in Islam. Managed by scientist Prof Dr Muhammad Abdul Rahim Sultan, professor of Jurisprudence at the UAE University, the session has been reviewed by four researchers within this axis. The first research by Dr Mutlaq Jasser brings the origin the Islamic economy and the pillars. The second research by Prof Dr Shawki Dunia brings the problems faced by the economy, relative scarcity, divergent needs and limited resources. This research is impartial to the demand and supple needs in the economy.

As for the third paper presented by Dr Hayel Abdul Mawla Tashtoush, the research shed light on the economic problem between characterisation and solution of an Islamic economic perspective. Dr Abdullah Mohammed Al Shami’s research, enitled “Economy and Islamic Finance”, addressed alternatives to the global economic crisis, and highlights the causes of the economic recession that hit the world in 2008. The research also brings solutions inspired by the Islamic Law.

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