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Towards developing a global Islamic economy

Towards developing a global Islamic economy

March, 2015

Following the developments in the Islamic finance sector in the UAE in the last quarter of 2014, a number of major announcements have been issued in the beginning of 2015 confirming the UAE’s commitment to foster the expansion of this sector and the increasing confidence by international investors in the future of this industry.

Dubai Islamic Economy Development Center

The Dubai Islamic Economy Development Center (DIEDC) signed an agreement with Thomson Reuters, a provider of information for businesses
and professionals, to develop a global Islamic economy portal. According to DIEDC and Thomson Reuters, the portal should serve as a pioneering initiative for the Islamic digital economy and a global reference for the emerging Islamic economy sector. The portal is mainly tailored to provide support for institutions and retail users and will cover diff erent practice areas such as finance, tourism, pharmaceuticals, cosmetics, fashion, media/recreation, health care, and education.

Global Islamic Economy Summit Roundtable Series

Dubai Chamber of Commerce and Industry partnered with DIEDC and Thomson Reuters to organize the Global Islamic Economy Summit Roundtable Series II. This summit focused on the importance of leadership for the development of the Islamic economy and was held at the DIFC Conference Center.

The main sessions that took place during the conference covered controversial topics such as: Islamic finance and its role in the Islamic economy; building out the Islamic economy beyond Islamic finance; and the next 10 years: Elevating the Islamic economy onto the development agenda in the Muslim world.

Gulf Finance Corporation

Gulf Finance Corporation, a wholly-owned subsidiary of Shuaa Capital and a leading provider of finance solutions to SMEs in the UAE, obtained a new license from SAMA in Saudi Arabia and issued a number of press releases confirming commitment to expand its healthcare and medical financing offerings including services like term loans, finance leases, and working capital finance.

New Sukuk issuing

It has been announced that Emirates Airlines, the world’s biggest airline by international passenger traffic, plans to sell US$1 billion of Shariah compliant notes this quarter to secure finance to expand its A380 fleet.

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Published: March 2015
Publication: Islamic Finance News
Title: Towards developing a global Islamic economy
Practice: Corporate and M&ABanking & Finance
Authors: Rima Mrad

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