Arab Today, arab today islamic economic development centre will harness 67tr
Last Updated : GMT 21:17:27
Arab Today, arab today
Arab Today, arab today

For Sharia-compliant finance, trade, food and tourism

Islamic Economic Development Centre will harness $6.7tr

Arab Today, arab today

Arab Today, arab today Islamic Economic Development Centre will harness $6.7tr

Managing Partner of Bond lawyers Eli Hayder
Dubai - Arab Today

Managing Partner of Bond lawyers Eli Hayder A recent government decree to establish the Dubai Islamic Economy Development Centre is expected to  appreciably advance the Emirate’s seven-pillared strategy to establish itself the capital of the Islamic economy within three years .
The Development Centre will be equipped with the financial, administrative and legal tools to promote economic activities compatible with Islamic law in Dubai’s goods and financial services sector, as well as the non-financial sector. In this capacity, it will conduct research and specialist studies to determine the contribution of sharia-compliant activities to the Emirate’s gross domestic product, and explore how to extend this contribution to boost the economy. It will also be responsible for building a comprehensive database of such activities.  
Commenting on the decree, Eli Hyder, managing partner of Bond Lawyers, said:  "The Islamic Economic Development Centre will create new products and lines of services to the law firms which specialise in finance structuring. Firms in the UAE, meanwhile, will benefit from new business because of their understanding of Islamic finance products".
A report published in November by the Dubai authorities and Thomson Reuters, the multinational media firm, underlined what was called a “tremendous opportunity” in the global Islamic economy. The primary goals of the new decree is to harness the vast potential of this sector.  
The study found that the market has a potential value of USD 6.7 trillion – bigger than all but two of the planet’s national economies, the US and China. Muslim consumers’ global expenditure on the media, food and lifestyle sectors – all of which are under the purview of the Development Centre – is forecast to reach almost USD 2.5 trillion by 2018.
The report also valued worldwide Islamic financial assets currently at USD 1.35 trillion, a figure which is expected to grow at 15-20 per cent per year in core markets – with potential Islamic banking assets under optimal conditions of as much as USD 4.1 trillion. The Development Centre is poised to bolster Dubai’s bid to become a global hub for Islamic finance, encompassing sectors including Sukuk and Takaful, as it competes with international rivals such as London and Kuala Lumpur.
In October, Dubai launched a plan to be the capital of the Islamic economy in  three years, predicated on its establishment as an international centre for seven economic pillars: Islamic finance, Halal industries, Halal tourism, the Islamic digital economy, Islamic art and design, Islamic economic standards and certification, and Islamic information and education. The Emirate was recently chosen to host the 10th session of the World Islamic Economic Forum 2014 (WIEF), evidence of its growing leadership in this sphere

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today islamic economic development centre will harness 67tr Arab Today, arab today islamic economic development centre will harness 67tr

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday