The second edition of the Global Islamic Economy Summit was held in Dubai from October 5 to 6.
More than 3000 policymakers, thinkers and business leaders attended the two-day summit, hosted by the Dubai Chamber, the Dubai Islamic Economy Development Centre (DIEDC) and Thomson Reuters.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, inaugurated the summit, which examined the changing dynamics of the Islamic economy.
The summit touched upon Islamic finance, halal industry, family tourism, Islamic knowledge, Islamic arts and design, Islamic digital economy and Islamic standards.
As one of the fastest growing sectors in the world, the Islamic economy affects the lives of more than just the 1.7 billion Muslims worldwide and its contribution to the global economy has been increasing significantly.
Muslim consumers worldwide contributed $107bn to the global digital economy in 2014, according to a report released ahead of the Global Islamic Economy Summit.
The overall contribution of Muslim consumers represented 5.8 per cent of the global digital economy, worth nearly $2 trillion.
The report, prepared by Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters, also reveals that the growth in the total value of Muslim consumers’ contribution to the global digital economy at a compound annual growth rate (CAGR) of 17 per cent by 2020 is expected to outweigh the growth of the total global digital economy at a CAGR of 15 per cent during the same period.
HH Sheikh Mohammed called the event as a positive step in bringing about a tangible change in the global economic landscape.
“We are keen to shape a better world that is steered by unprecedented standards of progress. Islamic economy is not merely a tool for producing commodities and growing wealth, it is an incubator of values and ethics that elevate and advance human beings. I don’t believe we need to convince the world any further about the viability of the Islamic economy, since it has simply become an imperative solution for all of us seeking to find lasting solutions to the continuous challenges posed by economic crises,” said Sheikh Mohammed.
“ Islamic economy is not only a tool to handle crises, it definitely guarantees that they will not happen again. The economic ecosystem that we are nurturing today reflects the true Islamic values that we are keen to spread – equality, mercy and justice on earth. It is indeed an effective and wise approach that helps limit sources of radicalism through advancing people’s cultural consciousness,” he added.
Sheikh Mohammed also inaugurated the ‘Salaam Gateway’, the first and only online platform for all Islamic economy-related industry intelligence, news, information, and data, at the summit. This platform is expected to play a key role in facilitating the growth and development of the Islamic economy.