Islamic economy offers boundless opportunities

The Global Islamic Economy Summit 2015 has leveraged this momentum through offering participants real, tangible insights and connectivity.

The two-day Global Islamic Economy Summit ended on Tuesday with participants calling for further integration between Islamic investment sectors. Islamic finance experts taking part in the event agreed on a set of recommendations that can significantly enhance the stature of Islamic economy in the Arab region and worldwide. They stressed the need to strengthen the role of Islamic finance in building a sustainable future and strengthen the prosperity of national economies in general.
"The UAE is a major player in the global economy with its proven ability to open up unmatched opportunities and initiatives. The deliberations of the Global Islamic Economy Summit have defined a new phase of development for this emerging ecosystem. It has highlighted the possibilities offered by the growth opportunities in all sectors of the Islamic economy," said Mohammad Al Gergawi, chairman of the Board of Dubai Islamic Economy Development Centre, or DIEDC.
He said the summit has taken Dubai a big step towards achieving the goals set by the 'Dubai: Capital of Islamic Economy' strategy since it was launched. "With the broad participation of policy makers, experts, researchers and business leaders, the summit has emphasized global interest in adopting the concepts and mechanisms of Islamic economy."
The second edition of GIES was attended by 3,500 visitors and stakeholders from the government, financial and investment sectors from more than 85 countries worldwide and validated Dubai's success in strengthening its position as capital of Islamic economy. The summit also highlighted Dubai's proactive role in developing an Islamic economy ecosystem.
Hamad Buamim, President & CEO, Dubai Chamber of Commerce and Industry, said: "The discussions held during the summit reinforced the importance of the stability and ethical code of conduct that the Islamic economy provides to the global markets in these uncertain times. "Covering all the seven pillars of the Islamic economy, this summit has provided a platform for exchanging new ideas on contemporary issues, such as the role of innovation in the digital economy, which also aligns with our strategy to focus on innovation as a pillar of growth. More importantly, the GIES has initiated a dialogue on relevant issues impacting Islamic economy."
Buamim  pointed out that entrepreneurs are the future of Dubai and the opportunities that the Islamic economy offers them to build on new and existing ideas are boundless and mark a step in the right direction for Dubai to emerge as the global capital of the Islamic economy.
Abdulla Al Awar, chief executive officer of DIEDC, said the summit's deliberations would go a long way to shaping our next steps in this nascent domain. "One of our principle aims in hosting this summit was to achieve synergy between the various sectors of the Islamic economy - the summit has underlined the importance of such collaboration if we are to unlock the full potential of this unique ecosystem."
"The growing prominence of Islamic economy as a new horizon of opportunities has caught the attention of established corporates, entrepreneurs, and governments worldwide. Thomson Reuters is proud to have contributed to this emerging global opportunity," said Nadim Najjar, managing director, Middle East and North Africa, Thomson Reuters.
The Global Islamic Economy Summit 2015 has leveraged this momentum through offering participants real, tangible insights and connectivity, he said.
GIES 2015 honoured the winner in the 'Innovation 4 Impact' contest organised specifically for the summit by Dubai Silicon Oasis Authority and Thomson Reuters with the support  the DIED. Ali Dabajah founder of Hajjnet received the award.
On the second and final day of the summit, John Defterios, Senior Anchor Emerging Markets, CNN, moderated a panel discussion entitled: 'The Islamic Economy in Corporate Strategy Agendas'. The panelists included Nirmal Govinda Das, senior vice-president-Corporate Treasury, Emirates Airlines, Dr El Rashid Dafalla Mohamed, CEO, Emirates Modern Poultry Co., and Eyup Isik, senior vice-president-Finance, Turkish Airlines.
Abdulla Al Maeeni, director-general, Emirates Authority for Standardisation & Metrology, was the keynote speaker of a parallel session entitled 'Halal Industry: Innovation, Standardisation, and Competitiveness in the Halal Industry'.
- issacjohn@khaleejtimes.com