Dubai aims to become capital of global Islamic economy

Dubai unveiled plans on Saturday become the capital of the global Islamic economy. It plans to focus on financial services, food products, education and tourism and operate in those industries as per the guidelines of Islam.

Sheikh Mohammed bin Rashid al-Maktoum, vice -president and prime minister of the UAE and ruler of Dubai, spoke at the initiative’s launch ceremony in Dubai on Saturday.

“I am optimistic about the success of the Islamic economy sector and about placing Dubai on the international economic map as the global destination of choice that provides Islamic products, finance and services as well as raising the standards for the management and quality of this sector to new levels,” said Sheikh Maktoum, according to national news agency WAM.

The plan for becoming the Islamic economy capital includes Islamic finance, Halal (allowed) food industries, tourism. The plan is to develop Dubai as a reliable center for Islamic standards and certification.

Two current main hubs of Islamic bonds are Kuala Lumpur and London, with Dubai hoping to top both by starting clear, generally accepted practices for Islamic finance.

Dubai is also planning to set up a laboratory and accreditation center in early 2014, which would certify Halal food and other products processed under Islamic tenets.

“The total foreign trade of the Muslim world is $4 trillion. This shows the potential that is available for Dubai,” Mohammed al-Gergawi, chairman of Dubai Holding, firm owned by the emirate, said at the event, according to Reuters.

Gergawi told the conference that the plan to lead the global Islamic economy had originally been set to be implemented within five years, however, Dubai’s ruler ordered the period to be reduced from 5 years to 36 months.

(With Reuters)