Islamic Economy Week Lines up Series of Innovative Activities

| 06 October, 2018

Sami Al Qamzi: The Global Islamic Business Award boosts competitiveness among companies to become exceptional sharia-compliant organisations

Abdulla Al Awar: The culture of Islamic economy is constantly gaining more recognition, bringing us closer to achieving UN’s Sustainable Development Goals

Saeed Al Nabouda: The Islamic Creative Economy Competition is a global first-of-its-kind

Dubai-UAE: 06 October 2018 - The Dubai Islamic Economy Development Centre (DIEDC) today released a detailed agenda for the Islamic Economy Week that is set to kick off on Saturday, 27 October, 2018. The event, extending until Thursday, 1 November, 2018, will feature the fourth edition of the Global Islamic Economy Summit (GIES 2018), that also includes the sixth Islamic Economy Award (IEA) ceremony. The week will also 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.

Following the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, 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. His Excellency announced the initiative as part of the Centre’s efforts to enhance Dubai’s position as the global capital of Islamic economy. The Islamic Economy Week is also designed to spread the principles and ethics of Islamic economy, while highlighting its pivotal role in overcoming the emerging economic challenges. The activities, organised in collaboration with strategic partners from the public and private sectors, will utilise a 360-degree approach to cover a spectrum of aspects that highlight Dubai as the global reference for innovation in the Islamic economy sector.

The Global Islamic Economy Summit, running from 30 to 31 October at the Madinat Jumeirah, will serve as a key highlight 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.

The flagship event will bring together influential policymakers and experts to address the greatest challenges and opportunities in Islamic economy. Given the prospects for strong growth in the Islamic economy sectors and the remarkable progress achieved in recent years, the Global Islamic Economy Summit 2018 will focus on 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, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, will take place on the sidelines of the fourth Global Islamic Economy Summit (GIES 2018).

The Global Islamic Business Award

For its part, the first-of-its-kind Global Islamic Business Award will honour companies that serve not only its shareholders, but also its employees, customers, and the community at large, in accordance with Islamic values. Led by the Department of Economic Development in Dubai, the award is distributed based on the criteria of the Islamic Business Excellence Model developed by the Global Islamic Business Excellence Center. The model comprehensively translates Islamic values into corporate governance practices and management enablers to create sustainable benefits for all stakeholders.

Speaking on the award, His Excellency Sami Al Qamzi, Director General of the Department of Economic Development in Dubai and Vice Chairman of DIEDC, said: “The Global Islamic Business Award facilitates the integration of Islamic business excellence standards into economic activities across all sectors, while boosting competitiveness amongst organisations in shaping them to become exceptional sharia-compliant organisations.”

He noted that the award further enhances corporate social responsibility as a core priority amongst companies, and empowers societies by increasing societal happiness through contributing to sustainable development. In doing so, it embodies Islamic values. The award aligns with the wise leadership’s drive to raise awareness of corporate social responsibility through encouraging entities to do more than merely organise charity activities as part of their CSR mandates.

Cultural and training events

The Islamic Economy Week’s agenda will witness the launch of events that disseminate the culture of Islamic economy and empower attendees with skills relevant to their sector. The event line-up includes the following:

- 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

Speaking on the events scheduled for the Islamic Economy Week, Abdulla Mohammed Al Awar, CEO of DIEDC, pointed out that the innovative activities planned for the Islamic Economy Week will enhance the role of Islamic economy, increase its momentum, and highlight how to benefit from the opportunities it offers. Citing the examples of the FinTech Hive at DIFC, the International Innovative Platform for Islamic Economy Products, and the Islamic Economy Fiqh Forum, he said that such activities help generate crucial recommendations for the development and globalisation of Islamic economic standards.

Al Awar added: “The Centre is keen to celebrate the increased uptake of the Islamic economy culture and the strengthening of Dubai’s position as a global capital of Islamic economy. The Week has attracted many strategic partners that seek more sustainability for economies and will encourage others to move towards a better alternative. Islamic economy, which represents the most sustainable economic system, has become an urgent need to ensure socio-economic stability. This makes our commitment at the Centre even stronger in our continued efforts to expand the socio-economic impact of its culture through innovative activities.”

Islamic Creative Economy Competition

Furthermore, during the Islamic Economy Week, the Islamic Creative Economy Competition, designed by Dubai Culture 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 GIES 2018.

Speaking on the competition, Saeed Al Nabouda, Acting Director General of Dubai Culture, said: “We are delighted to partner with DIEDC in organising the first-of-its-kind Islamic Creative Economy Competition in the world. We have jointly listed the objectives of this competition, through various stages of its development. The competition aims to support startups in the Islamic economy space as a top priority, and to provide them with an appropriate platform to market their products and services. In doing so, it enhances awareness for Islamic economy and enables these startups to sustain their business. Through the award, we are confident we will step up our contribution to positioning Dubai as the global capital of Islamic economy, and a pioneering supporter of innovative solutions.”

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, with Dubai Media Incorporated and Salaam Gateway as media partners.

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