Media

  UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum launched a new economic initiative adding the Islamic economy sector to the core sectors constituting the UAE’s strong economy. The launching came during a meeting organized by Sheikh Mohammed bin Rashid Al Maktoum’s Policies Council at Qasr Al Bahar in Dubai today. The meeting also saw the attendance of Dubai Deputy Ruler Sheikh Maktoum bin Mohammed bin Rashid AL Maktoum, Chairman of Dubai Civil Aviation and Chief Executive of Emirates Group Sheikh Ahmed bin Saeed Al Maktoum, a host of other sheikhs, ministers, dignitaries and national, Arab and foreign economists. Sheikh Mohammed said that this trend is not new for Dubai as the Emirate has always been receptive to the significance of this sector bolstered by over a billion and a half Muslims all over the world with a total Islamic product mounting to about $2.3 trillion. He added that Dubai has been keen to be leading in this Islamic economy, having established the world’s first Islamic bank in the 1970s. The focus of the Islamic economy sector will be on many components most importantly among which are Islamic finance instruments, Islamic insurance, Islamic contracts’ arbitration, Islamic food industry and trade standards, halal food, and Islamic quality management standards.