Islamic economy is crisis-proof

Dubai: The model of Islamic economy has proved its excellence during the global financial crisis, thereby making it a perfect choice for Muslims and non-Muslims alike.
This was conveyed by keynote speakers at the second edition of the Global Islamic Economy Summit (GIES) in Dubai on Monday. They also talked about global standards for Islamic products and services in addition to the success of UAE and Saudi Arabia on opportunities within Islamic economies.
Majid Saif Al Ghurair, chairman of Dubai Chamber of Commerce and Industry, said the summit reflects concerted efforts in turning Dubai into a global capital of Islamic economy.
It also provides a platform for exchange of experiences in including a broader consumer base, standardisation and identification of core challenges affecting the various segments of the Islamic economy, he added.
Al Ghurair said the Islamic economy is a way of life experienced by over 1.6 billion Muslims around the world. The model cuts across all aspects of economic and social lifestyle of individuals and communities.
This model has proved its excellence during the global financial crisis, making it a perfect choice for Muslims and non-Muslims alike, he added.
Sami Al Qamzi, director-general of the Department of Economic Development, Dubai, and deputy CEO of Dubai Islamic Economy Development Centre (DIEDC), said Dubai has moved from a research and preparation phase to one of global engagement with the Islamic economy, represented by its numerous ethically-based sectors.
From halal products to Islamic banking and finance, this economy now represents a number of sectors that are receiving recognition and seeing more demand.
This rapid growth in the Islamic economy, both quantitatively and qualitatively, is evidence of a wise vision, precise timing and a scientific approach, Al Qamzi said.
He added: "There is undoubtedly a great deal of work and effort remaining ahead of us, which we will approach with faith, knowledge and determination, guided by the experience we have acquired over the past few years."
"Today, we look forward to global standards for Islamic products and services, and the provision of a stable and effective framework for the Islamic economy, governed by appropriate legislative and regulatory organisations, and supported by studies, research, scientific knowledge and innovation.
"This pace of development will help meet the constantly evolving needs of markets, allowing this initiative to become a truly independent economy in and of itself, rather than merely being a subset of the broader global economy," Al Qamzi added.
Another keynote session, led by Essa Kazim, governor of DIFC, secretary-general and board member of DIEDC; and Ambassador Hameed Opeloyeru, assistant secretary-general for economic affairs at the Organisation for Islamic Cooperation; discussed ways in which the Saudi and UAE economies have successfully capitalised on opportunities within the Islamic economy and achieved growth.
During the session, they highlighted the impact on exports, inward investment, SME development, urban employment and rural agricultural development, offering guidance to policymakers in the audience on assessing strengths and weaknesses within the evolving parameters of the Islamic economy.
abdulbasit@khaleejtimes.com