Sharjah Economic Development Department's 'Islamic Economy and future aspirations' forum concludes

The Sharjah Economic Development Department's forum on 'Islamic Economy and future aspirations' ended on a high note, with the generous patronage of H.H Sheikh Sultan bin Mohammed Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of Sharjah Executive Council and with the attendance of H.E Ali Bin Salem Al Mahmoud, SEDD's General Manager and Dr. Omar Abdelkafy.

It featured the attendance of Sheikh Tariq bin Faisal Al Qassimi, Chairman of Emirates Investments Group, Dr. Mabid Al Jarhi, Financial Expert and Head of Training Unit at Emirates Islamic Bank and Dr. Hatem Al Qarnashawi, professor of Islamic Studies and Dean of College of Islamic Studies Islamic Studies at Qatar Foundation.

The forum saw a great attendance from leading Islamic scholars, top economists, elite businessmen, academics, and specialists, representatives from Islamic banks and officials from government departments as well as overwhelming audience response and extensive media coverage.

The list of topics discussed at the forum's session included "definitions and aspects of Islamic economy", "Islamic Economy: aspirations and challenges", "sustainability of Islamic Economy", "the role Islamic Economy plays in economic growth", "International financial institutions trend to use Islamic solutions", "Obstacles confront codification of Islamic Economy, definition and solutions" and "Islamic Economy's culture among investor communities".

Other topics included in the three discussion papers were the role of Islamic banks, the volume of Islamic economy and the potential growth of this model of economy. The forum was ended by opening up discussion among participants.

The forum was concluded with a number of recommendations. The necessity of taking initiatives to raise awareness of the Islamic economy among Muslims in an attempt to translate their keenness to utilize its efficiency and flexibility into action was highlighted. Other recommendations included the necessity to form alliances of Islamic economy specialists and experts, teaching the Islamic economy as a subject in colleges and educational institutes and spreading awareness of this model of economy globally via a dedicated Islamic research center.