The ‘International Innovative Platform for Islamic Economy Products (IIPIEP) 2015’ was launched today (Sunday, November 22, 2015) attracting remarkable regional and international attention to its new creative ideas. The platform, which gives efforts to strengthen the international Islamic economic system a major boost, is being organized by the International Center of Islamic Economy in partnership with DAFZA and in conjunction with UAE Innovation Week 2015 which is being held in line with H.H. President Sheikh Khalifa bin Zayed Al Nahyan’s declaration of 2015 as the ‘Year of Innovation.’ Innovation Week is a pioneering initiative launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.
The new and creative ideas were widely praised by more than 300 participants, in particular the ‘Oasis of Innovation in Islamic Economy’ – the first global oasis dedicated to incubating creative ideas and entrepreneurial projects in support of the international Islamic economy. The Innovation Oasis features a modern and developed environment based on an interactive methodology that stimulates creativity and innovation. It provides the necessary advisory services to ensure the transformation of creative ideas into practical products according to Sharia and technical requirements and in cooperation and coordination with economic establishments.
IIPIEP 2015 has unveiled the concept of the ‘Endowment Bank,’ which was explained in detail to an attentive audience as a strategically important innovative idea specifically for banks operating in accordance with Islamic Sharia rules. The new concept proposes the establishment of a financial institution through the investment of cash and in-kind endowments which represent the majority share in the bank’s capital. This will be done according to contemporary formats and generally accepted bank guarantees, to achieve Sharia, social and collaborative purposes.
‘Cash-Financing Through Telecom Services’ on the other hand, is a creative idea that represents an embodiment for which is being achieved by Islamic financing as an integration between financial activities and real economy. This new idea has a real economic value as it provides the cash needs of the Islamic financial markets and improving the quality of Islamic financial industry products, especially as it is based on the provision of cash payments in exchange of a limited amount of call minutes delivered to the financier under the framework of joint relationships among banks, telecommunications companies, and individuals.
In his speech, Dr. Mohammed Al Zarouni, Director General of DAFZA, pointed to the growing role of the Islamic economy as an integrated system that enables the sustainable growth and prosperity of the communities in the world. He praised the success of the Emirate of Dubai and the UAE as a whole in making the Islamic economy usher in a new area of excellence and leadership on the global economic map, in line with the vision and wise policy of H.H. Sheikh Mohammed bin Rashid Al Maktoum.
Dr. Al Zarouni praised the creative ideas presented, emphasizing the importance of the ‘Innovation Oasis in Islamic Economy,’ ‘Endowment Bank, and ‘Cash-Financing Through Telecom Services’ in supporting efforts to improve Islamic economy products and services. He explained that this would lead to an integrated economic system that has the necessary flexibility to accommodate the rapid regional and international changes. He also noted the significance of building strong complementary relationships with the public and private sectors in order to accelerate the pace of developing services, financial and commodity Islamic products according to the highest international standards. He expressed determination in strengthening the communication bridges among decision-makers, experts, innovators and developers of creative ideas in order to enrich knowledge and exchange best practices to ultimately transform creative ideas into tangible products with positive results.
He concluded: “We are honored to cooperate with the International Center of Islamic Economy in launching The International Innovative Platform for Islamic Economy Products through which we hope to take a fresh step towards consolidating Dubai’s influential presence on the global Islamic economy. We believe in the importance of supporting the successful economic diversification policy adopted by the UAE, which is why we at DAFZA intend to intensify our efforts to encourage innovation and creativity and develop new products and services that are compliant with Islamic Sharia principles and keep pace with the requirements of the Twentieth Century”.
For his side, His Eminence, Dr. Abdulrahman Bin Saleh Al-Atram, President of the International Center of Islamic Economy FZE and Secretary General of the International Islamic Foundation for Economics & Finance (IIFEF), said: “The main goal is to build an integrated Islamic economic system that supports the global economic growth process. The new creative ideas like the ‘Oasis of Innovation in Islamic Economy,’ ‘Endowment Bank’ and ‘Cash-Financing Through Telecom Services’ will help in achieving the ambitious objectives of developing Islamic services and products.”
“The ‘International Innovative Platform for Islamic Economy Products 2015’ incubates the creative ideas and entrepreneurial projects and offers all the consulting services conforming to the provisions of Islamic economy and Sharia to encourage the evolve of Islamic products that meet the requirements of global development” concluded, Dr. Al-Atram.
Abdulla Mohammed Al Awar, CEO of the Dubai Islamic Economy Development Centre (DIEDC) said: “When His Highness Sheikh Mohammed bin Rashid Al Maktoum envisioned Dubai the Capital of Islamic Economy, he made it clear to us and to the world that innovation would be the fundamental driving force behind the growth of the seven major sectors that define this unique ecosystem. Today, we are witnessing the launch of a platform that will boost our efforts in developing the seven pillar strategy of the Islamic economy. The International Innovation Platform for Islamic Economic Products meets the needs and aspirations of stakeholders, business leaders, Muslims and non-Muslims communities for creative ideas and innovative products that will ensure sustainable economic development we all aim for through the Islamic economy ecosystem.”
The agenda for the second day of the International Innovative Platform for Islamic Economy Products 2015 includes two workshops on ‘Cash-Financing Through Telecom Services: Providing liquidity to retails, advantages and challenges,’ and ‘Endowment Bank: Establishing and structuring, opportunity and challenges.’
The event includes elite roster of spokespersons, Dr. Khaled Bin Abdulaziz Al Janahi, General Advisor at the DIEDC; Prof. Seif el-Din Tag el-Din, Professor of Economics at Al-Imam Mohamad ibn Saud University; Dr. Fuad bin Abdullah Al Omar, Former General Manager of Zakat House and Deputy Minister at the Kuwait Government; Prof. Fahad Bin Abdullah Al Yahya, Professor in Department of Jurisprudence at College of Sharia and Islamic Studies; Mr. John A. Sandwick, General Manager at Safa Investment Services; Mr. Oliver Agha, Group Chief Counsel for Abdul Latif Jameel International; Dr. Mohammed Al Suhaibani, Professor at SABIC Chair for Islamic Financial Markets Studies at Imam University; Dr. Sami Al Suwailem, Head of the Financial Product Development Centre at the Islamic Development Bank; Mr. Michael Gassner, Head of Islamic Finance in a Swiss Private Bank; and Associate Professor Dr. Said Bouheraoua, Senior Researcher at International Shariah Research Academy for Islamic Finance.