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.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
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Zayed Sustainability Prize
North Pole stats
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South Pole stats
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'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
UAE currency: the story behind the money in your pockets
The specs
AT4 Ultimate, as tested
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Infiniti QX80 specs
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Zayed Sustainability Prize
Moon Music
Artist: Coldplay
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Number of tracks: 10
Rating: 3/5
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
England squad
Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale
Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White
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ETFs explained
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The specs
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