Dr Al Zarooni (left) and Dr Al Atram signing the MoU

Dr Al Zarooni (left) and Dr Al Atram signing the MoU

Dubai gaining hub role in Islamic economy

October 2015

The Dubai Airport Free Zone Authority (Dafza) has signed a strategic memorandum of understanding (MoU) with the International Centre of Islamic Economy to develop mutual cooperation and support the initiative to have Dubai as the capital of the global Islamic economy.

The initiative was launched by Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.

“The new partnership is of strategic importance as it primarily focuses on choosing Dubai, and Dafza in particular, to be the headquarters of the International Centre of Islamic Economy,” a Dafza statement said.

“The move aims to increase joint efforts to develop and promote products and services of the Islamic economy and to help in the development of the international Islamic economy. It is also intended to increase the contribution of the Islamic economy to Dubai’s overall GDP and reflect the ambitious objectives of the ‘Dubai the capital of Islamic economy’ initiative. Through the cooperative agreement

Dafza hopes to attract businesses that operate in adherence to Shariah principles,” it added.

Signing the agreement were Dr Mohammed Al Zarooni, director general, Dafza, and Dr Abdulrahman Bin Saleh Al Atram, president of the International Centre of Islamic Economy FZE and secretary general of the International Islamic Foundation for Economics & Finance (IIFEF).

“The move is very important as it will partly define the prospective role the centre will play in promoting the concept of Islamic economics and developing its applications globally by encouraging research and scientific and jurisprudential reports and stimulating creativity and innovation in the development of Shariah-compliant products and services, reflecting Dubai’s vision to become the capital of the global Islamic economy,” said Al Zarooni.

“The new partnership confirms our eagerness to enhance the achievements made by Dubai to become a global leader in the Islamic economy. Together we shall build solid ties with the public and private sectors to ensure that the necessary means to deliver Islamic financial, commodity and service products with the highest standards of excellence and quality are provided. We are committed to effectively developing sectors under the Islamic economy and attracting foreign investment within Dafza which is now one of the most developed free zones in the world.”

Al Atram appreciated Dafza’s contribution to promoting the local economy by creating a favourable environment for business and an attractive destination for international and regional investors. He stressed the importance of the new strategic partnership in supporting Dubai’s transformation into the capital of the global Islamic economy by focusing on developing products and services compatible with the provisions of Islamic Shariah.

“We have a very optimistic and confident outlook for our cooperation, especially as we will manage our activities from Dafza which will provide us with the necessary means to embody our vision of achieving leadership in providing support and consultancy services to develop Islamic economics services globally,” he added.

The centre aims to develop and innovate specialised Islamic economics and finance products for banks and financial and investment institutions. It also intends to provide recognised professional certification for Islamic economics and finance specialists to advance their personal and professional skills and enhance the efficiency of the financial institutions they work for.

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