São Paulo – Dubai will promote a set of initiatives to establish a product and service platform based on Islamic finances. The aim is to attract investment from Muslim countries in the Middle East, Africa and Asia. The plan was announced this Wednesday (9th) by the emir of Dubai and vice president of the United Arab Emirates, Mohammed Bin Rashid Al Maktoum. The information was released by the Emirates News Agency (WAM).
The Islamic product and service platform includes financial instruments, insurance, contract arbitrage, food industry, and quality management standards. Islamic finance entails manufacturing products and doing business in accordance with religious traditions. According to WAM, Islamic economy amounts to US$ 2.3 trillion and involves 1.6 billion Muslims worldwide.
The initiatives announced by Maktoum include the development of commercial standards for Islamic industries and guidelines for Halal food manufacturing. Dubai also seeks to develop Islamic quality standards for Halal food approval. This will encourage the food industry and promote linkages with global and regional businesses, as well as different business sectors including transport, storage and handling.
“Our cosmopolitan outlook to doing business continues to be our economy’s driving force. Adopting a modern and scientific framework for Islamic economies world-wide, here in Dubai, meets the demand from local, regional and international investors for a central hub to invest, grow and do business,” said the sheikh according to WAM.
Maktoum added that the initiative will further boost the economic diversification of Dubai and complement Dubai’s pioneering approach to Islamic Economy. Dubai was the first place in the world to establish an Islamic bank, in the 1970s, as well as an Islamic financial market. Right now, however, Malaysia is on the cutting edge when it comes to offering products and services to the Islamic population, in particular regarding the financial sector.
The sheikh also said the government of Dubai will not compromise on its principles of openness and commitment to a free market economy. “By strengthening Islamic economic principles as an integral part of our overall approach to growth and development, we are further supporting the entrepreneurial community, especially from the Arab world,” he said.
*Translated by Gabriel Pomerancblum
