Complex Made Simple

What initiative is driving the $2.3 trillion Islamic Economy?

The Dubai Center for Islamic Banking and Finance in Hamdan Bin Mohammed Smart University (HBMSU) and the Dubai Islamic Economy Development Centre has concluded the 2nd China-UAE Conference on Islamic Banking and Finance.

The two-day event held in Shenzhen, China formed part of efforts to drive economic growth and comprehensive development through the Islamic economy, in line with the objectives of the ‘One Belt, One Road’ initiative.

Path ahead 

This year’s main conference theme of ‘Islamic Finance (IF): Paving the Way for the Belt and Road Initiative’ provided a strategic international platform for exploring ways to enhance financial and economic integration and strengthen the historic economic relations between the European and Asian markets linked by the Silk Road, in line with the objectives of the ‘One Belt … One Road’ strategy.

Dubai plays an important role with leading experience in developing the Islamic economy into a comprehensive system and is a key driver for international development.

The UAE and China are exploring new prospects for harnessing IF to drive economic development, in light of the growing role of the Islamic economy, estimated to be currently worth $2.3 trillion, according to Dr. Mansour Al Awar, Chancellor of HBMSU.

Abdulla Mohammed Al Awar, CEO of the Dubai Islamic Economy Development Centre, said: “In addition to finance, the Islamic economy will contribute to the success of the ‘One Belt, One Road’ agenda through the implementation of standards and regulations which are now international requirements for ensuring sustainability, reducing risk, and realizing the social dimension of equitable and comprehensive development.”

“The concepts of production and its related areas and sustainability on which the Islamic economy is based, have become vital to rationalizing and optimizing the consumption of resources to ensure a healthy global environment,” he added.

He concluded by saying that Dubai is a cultural and legislative reference and a global incubator for the world’s largest and most important conventional and Islamic companies and institutions.