Dubai is developing a worldwide charter for Islamic banking

Abdullah Mohammed Al Awar, director of the Dubai Islamic Economic Development Center, said the center is currently working on the development of a global charter for Islamic banking and finance in collaboration with the Ministry of Finance, Unistrial and the World Bank.

Al-Awar added in private statements«Economic explanation»"We are currently engaged in discussions with relevant strategic partners interested in developing globally acceptable rules and regulations for Islamic financial transactions, with a view to raising this activity globally, not necessarily as a law, but as a general charter. or a global framework for such transactions. ».

He added that in the second half of the year the Center worked with its strategic partners to implement its operational plans to strengthen Dubai's position as the capital of the Islamic economy and its position as a global center for Islamic strengthen the economy to further implement its plan for 2018. The strategy 2017-2021, in close cooperation with strategic partners, coincides with the desire for good leadership to make progress in achieving the goals of the National Agenda for Vision 2021.


"Since the start of 2018, the Dubai Islamic Economic Development Center has achieved a number of achievements that have contributed to the expansion of its international and regional presence with the growing demand from external institutions to take advantage of the Center's experience as a global model by conclusion of new cooperation agreements, The Bank of Foreign Economic Affairs of Turkmenistan aims to exchange experiences and best practices in the Islamic economy in combination with the official visit of a high-level delegation led by the President of the Republic of Turkmenistan Kirban Berdy Mammadov to the UAE Russia and the Islamic world discuss ways of cooperation between the two sides in strengthening the Islamic banking, finance and halal industries .The agreement will benefit the Group's successful experience in the development of an integrated i slamic strategy.The two parties will also exchange knowledge and information about Islamic banking and finance, Food and Beverage, health care and entertainment ».


He pointed out that in May 2018 the Center signed a Memorandum of Understanding with the Investment Development Agency of the Republic of Tatarstan, which is working to create an advanced investment climate and to support the implementation of investment projects in the Republic. The memorandum stipulates the Center's commitment to facilitate the provision of Islamic financial instruments to the Investment Development Agency. Agency and cooperation to involve potential delegations in events organized by both parties.

"The efforts of the Center in recent years led to the announcement in May 2018 of the contribution of the Islamic economy to the gross domestic product of Dubai to 8.3%, according to the benchmarks of the Dubai Statistics Center, the strategic partner from the Dubai Islamic Economic Development Center, these include a qualitative addition, not only to the development of the Islamic economy in Dubai, but also to the sustainable development process of the UAE as part of its plan for the post-oil economy. work to improve the productive sectors, and to develop strategies for stimulating investment, and stimulating entrepreneurship and innovation. »

He continued: "The Center seeks to build on the achievements since its foundation until today and has contributed to the UAE to be ranked first in ten countries in terms of the most advanced system in some sectors of the Islamic economy.

"The Center will continue to work with the best institutions and stakeholders to develop mechanisms to accelerate the growth of the Islamic economy, especially Islamic finances, which will reach about $ 3.8 trillion by 2022, thanks to the flexibility of the Islamic economy Technology in accordance with its ethics and principles, but with its ability to invest in smart solutions to serve its lofty goals, especially financial and social stability and the quality of human life without discrimination.

The Center continues to study a number of creative initiatives in collaboration with its strategic partners, and we are confident that it will contribute to the growth of Islamic sectors in the country and beyond.


"Making the public aware of the benefits of the Islamic economy and building a solid information base is essential to the success of the Dubai Center for Islamic Economic Development," said Al Awar.

In this context, we focus on cooperation with relevant institutions in the development of curricula and training programs for key sectors such as Islamic finance and Halal production. "

Report on the reality of the Islamic economy

Thomson Reuters, the strategic partner of the center, is working on the development of the Islamic economic situation report, a global reference for economic statistics on Islamic economic sectors, and sheds light on the promising sectors in the coming years. The UAE, which marks the best countries that offer an integrated environment for the Islamic economy, has been among the top three in the index since its introduction.

The updated report is expected to be released this year, including the index.

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