Islamic economy, an all-encompassing term that refers to all economic practices carried out within a Sharia-compliant system, is a growing trend worldwide, and of which Dubai has already been a leading player and a trend-setter.
The Dubai Islamic Bank, set up in 1975, was perhaps the first modern Islamic bank to be established worldwide. The global Islamic economy has been growing fast worldwide and today accounts for $2.3 trillion in gross product activity, helped and supported by a growing community of 1.6 billion Muslims.
Dubai’s new initiative is expected to further attract and promote the inflow of investments. The announced strategy would also bring Dubai closer to the Mena and Asia region markets that are fast embracing Sharia-compliant economic activities.
Shaikh Mohammad said setting up such an integrated economic framework and promoting an Islamic economy would further strengthen Dubai as an international business hub. It would lend further momentum to Dubai’s well-diversified and adaptive economy, he said.
Shaikh Mohammad has appointed Dubai Crown Prince Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum to lead the development of the Islamic Economy initiative, transforming it into a major economic sector.
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