Vice
President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed
bin Rashid Al Maktoum, Wednesday said that the first goal of the strategy
launched two years ago to develop and promote Dubai as the global capital of
Islamic economy has been achieved.
H.H. Sheikh Mohammed hailed the achievement made by Dubai as it
has overtaken other financial centres in listing Islamic bonds on its
exchanges. Sukuk listed on Dubai's exchanges, rose to AED135 billion in 2015,
said a recent study published by Thomson Reuters.
Sheikh Mohammed bin Rashid made these remarks as he chaired a
meeting of the board of directors of Dubai Islamic Economy Development Centre.
"When we launched our plan to become the world's capital of
Islamic economy two years ago, some brothers had doubts. But today we have
achieved the first goal even before the date we had set. We have a clear vision
for our next achievement in 2020."
"Islamic finance is the most important sector of Islamic
economy and sukuk are one of the most important tools of this sector. Today we
are the world's biggest centres for sukuk, but our vision is even wider and
more comprehensive as it takes in seven major sectors of Islamic economy,"
H.H. Sheikh Mohammed bin Rashid added.
"Thanks to its steady growth, increasing assets and
straightforward principles, Islamic economy has become an established reality
within the system of global economy. Through the huge economic opportunities
provided by Islamic economy, and the massive partnerships that it can create, Islamic
economy can provide a key to further stability and development in our
region."
H.H. Sheikh Mohammed bin Rashid added, "We want an Islamic
economy that has a global vision and local cadres to serve our national
economic interests because the fast-paced global economic developments make it
mandatory for us to quicken the pace of diversifying our national
economy."
H.H. Sheikh Hamdan H.H. Sheikh Hamdan bin Mohammed bin Rashid Al
Maktoum, Crown Prince of Dubai, who oversees the initiative to turn Dubai to the
global capital of Islamic economy, attended the meeting and emphasised that
Dubai will become the global reference for all forms of Islamic finance by
2020. "We have accumulated experience, a clear roadmap and strategic
partners at home and overseas to carry out the directives of His Highness
Sheikh Mohammed bin Rashid to make Dubai the benchmark for Islamic
economy."
"Dubai's strategy for Islamic economy is achieving its goals.
The plan to make Dubai the world's capital of Islamic economy includes not only
Islamic products and financial tools but also Islamic commodities, services and
knowledge. Several initiatives were launched for these sectors. Dubai Islamic
Economy Development Centre will launch new initiatives in the coming period to
accelerate action on the set plan," H.H. Sheikh Hamdan bin Rashid added.
Sukuk listed on Dubai's two exchanges, Nasdaq Dubai and Dubai
Financial Market, rose to US$36.7 billion (AED134.38 billion), according to
Thomson Reuters data.
Nasdaq Dubai accounts for the substantial chunk of US$33 billion,
while Dubai Financial Market accounts for US$2.75 billion.
This put Dubai ahead of the world's three traditional sukuk
centres: Malaysia, with US$26.6 billion listed on Bursa Malaysia and the Labuan
free trade zone, the Irish Stock Exchange with US$25.7 billion, and the London
Stock Exchange with US$25.1 billion.
Mohammed bin Abdullah Al Gargawi, Minister for Cabinet Affairs and
Chairman of the Dubai Islamic Economy Development Centre, noted that the
directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and the
incessant follow-up by H.H. Sheikh Hamdan bin Mohammed bin Rashid, for turning
Dubai into the global capital of Islamic economy, were effective in making this
world-class achievement that has come three years ahead of the emirate's plan
in which 2018 was the target year.
"We have an extensive and solid relationship with a wide
range of international investors. We also have one of the world's best
regulatory and procedural environments. We have a clear plan that is backed by
all government departments. We expect action in all Islamic economic sectors to
pick up speed in the coming period in line with the directives of H.H. Sheikh
Mohammed bin Rashid to achieve the goals that we set in 2013, before
2020," Al Gargawi added. –End-
Image by: Emirates 24/7 News
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