Inaugural Islamic Economy Week Kicks Off Series Of Innovative Activities

Under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai and General Supervisor of the Dubai: The Capital of Islamic Economy initiative, the curtains are set to rise on the first Islamic Economy Week, a landmark event that will redefine Dubai’s status as the global capital of Islamic economy.

The event will commence on Saturday, 27 October and continue until Thursday, 1 November, featuring multiple innovative activations, most notably the fourth edition of the Global Islamic Economy Summit (GIES 2018), that also includes the sixth Islamic Economy Award (IEA) ceremony. In addition, the week will host the Islamic Creative Economy Competition (ICEC) and the Global Islamic Business Award, as well as other activities related to various sectors within the Islamic economy.

The Islamic Economy Week was announced during the third DIEDC board meeting for 2018 chaired by His Excellency Sultan bin Saeed Al Mansouri, Minister of Economy. Designed to spread the principles and ethics of Islamic economy, the Islamic Economy Week will highlight the pivotal role of Islamic economy in overcoming the emerging global economic challenges. The activities, organised in collaboration with strategic partners from the public and private sector, will utilise a 360-degree approach to cover a wide spectrum of aspects that highlight Dubai’s strategic position as the global reference for innovation in the Islamic economy sector.

Islamic Economy Week Highlights

The Global Islamic Economy Summit, running from 30 to 31 October at Madinat Jumeirah, will serve as the flagship event of the Islamic Economy Week. Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the summit is organised by DIEDC and the Dubai Chamber of Commerce and Industry in collaboration with Thomson Reuters as a strategic partner.

Convening influential policymakers and experts to address the greatest challenges and key opportunities in Islamic economy, GIES 2018 will focus on the remarkable progress achieved by the Islamic economy sectors in recent years and the resulting prospects for strong growth. Key items on the agenda will include the importance of trade opportunities, social development and ethical business investment.

The sixth Islamic Economy Award ceremony, organised by DIEDC in partnership with Thomson Reuters under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, will take place on the sidelines of the fourth Global Islamic Economy Summit (GIES 2018).

Since its inception in 2013, the annual award has recognised the most innovative and advanced economic initiatives and projects around the world that foster socio-economic development and align with the core principles of the Islamic economy – responsibility, sustainability, and positive impact on society.

The Global Islamic Business Award

For its part, the first-of-its-kind Global Islamic Business Award will honour companies that serve not only their shareholders, but also their employees, customers, and the community at large, in line with Islamic values. Led by the Department of Economic Development in Dubai, the award is presented based on the criteria outlined within the Islamic Business Excellence Model developed by the Global Islamic Business Excellence Center. Through effectively translating Islamic values into corporate governance practices and management enablers, the model creates sustainable benefits for all stakeholders. The Global Islamic Business Award aims to facilitate the integration of Islamic business excellence standards within economic activities across all sectors.

Cultural and training events

In a bid to enhance the uptake of Islamic economy and empower participants with skills relevant to their sector, the Islamic Economy Week’s agenda will feature an eclectic mix of events that include:

• First Emirates International Accreditation Center’s pilot global assembly meet of halal certification bodies
• First joint DIEDC and Securities and Commodities Authority roundtables series at Nasdaq Dubai
• Session on international halal standards and schemes benchmarking for halal auditors by Halal Academy
• Mosques of the World exhibition at Jumeirah Grand Mosque
• Tawaaf exhibition at Alserkal Cultural Foundation by Dubai Culture
• Session addressing funding challenges in the next phase of Belt and Road Initiative at Hamdan Bin Mohammed Smart University
• A ‘Music of the Spheres’ Islamic geometry workshop by Dubai Culture at Re: Urban Studio
• Workshop titled ‘Islamic Fintech – Innovations in Sustainable Finance’ by Heriot Watt University
• Session on halal logistics in theory and practice by Karavan Management Consulting at Dubai Airport Freezone (DAFZA)
• Session on the State of the Global Islamic Economy in 2018 at Dubai International Financial Centre
• Halal Expo by Orange Fairs at Crown Plaza Dubai on Sheikh Zayed Road
• Session titled ‘Islamic Economy: A new dimension in business excellence’ by Department of Economic Development
• ‘Digital Financial Inclusion: Morality, Risks and Regulation Session’ at the Etihad Museum
• A pitching skills workshop and a cultures of innovation workshop by Sharjah Entrepreneurship Center and Sajory respectively
• Sharia Governance in the UAE by Sharia Departments Forum at Etihad Museum
• ‘Design a Memorable Brand for the Islamic Economy’ workshop with Peter Gould by Dubai Design & Fashion Council at Dubai Design District
• ‘Social Entrepreneurship Priorities Across Islamic Economies’ session by GoodforceLabs
• Islamic Fin-Tech Entrepreneurship networking event by FinTech Hive at DIFC
• ‘Role of Culture in Driving Global Innovation’ session by Dubai Future Academy

Islamic Creative Economy Competition

Furthermore, during the Islamic Economy Week, the Islamic Creative Economy Competition, designed by Dubai Culture and Arts Authority in cooperation with DIEDC, will highlight creative ideas that redefine the relationship between culture, trade and technology. The competition will seek to encourage artists, innovators and entrepreneurs in expressing their artistic and creative vision. The winners of both IEA and ICEC will be announced during the first day of GIES 2018.

Strategic Partners

The Islamic Economy Week has attracted strategic partnerships with major institutions supporting Islamic economy in Dubai, including NASDAQ Dubai, Emirates International Accreditation Center, Dubai Chamber of Commerce and Industry, Dubai International Financial Centre, Department of Economic Development in Dubai, Securities and Commodities Authority, Dubai Design & Fashion Council, Dubai Culture and Arts Authority, Dubai Design District, Dubai Airport Freezone, DinarStandard, Hamdan Bin Mohammed Bin Rashid Al Maktoum International Photography Awards, Hamdan Bin Mohammed Smart University, Sharjah Entrepreneurship Center, Thomson Reuters Corporation, FinTech Hive at DIFC, Heriot Watt University, Sheikh Mohammed Centre for Cultural Understanding, Sharia Departments Forum, Islamic Research and Training Institute, GoodforceLabs, Re: Urban Studio, Halal Academy, Alserkal Cultural Foundation, Orange Fairs and Events, Zileej, Karavan, and Sajory. In addition, Dubai Media Incorporated and Salaam Gateway are media partners of the event.

Kicking off the events scheduled for the Islamic Economy Week, Abdulla Mohammed Al Awar, CEO of DIEDC, pointed out that the Centre is keen to leverage each event to spread the culture of Islamic economy, as well as solidify Dubai’s standing as a reference source across all sectors.

He said: “The innovative activities planned for the Islamic Economy Week will enhance the role of Islamic economy, increase its momentum, and highlight ways to benefit from the opportunities it offers. Activities such as the FinTech Hive at DIFC, the International Innovative Platform for Islamic Economy Products, and the Islamic Economy Fiqh Forum, help generate crucial recommendations for the development and globalisation of Islamic economic standards.”

Al Awar added: “The participation of a large number of leading strategic partners collaborating to contribute to the success of the Islamic Economy Week testifies to the growing significance of the Islamic economy – and to the commitment of these stakeholders to strengthen Dubai’s position as a global capital of Islamic economy. The eclectic mix of partners from the public and private sectors encourages us to continue reaching out to relevant entities to work together to further advance the Islamic economy and the wider national economy and ensure sustainable development for all.”

For more information, please visit www.iedcdubai.ae