World Islamic Economic Forum to celebrate 10th anniversary in Dubai with focus on innovative partnerships
Dubai Chamber and the WIEF Foundation have announced that the 10th World Islamic Economic Forum will be organised in Dubai from October 28 to 30, 2014, under the theme, ‘Innovative Partnerships for Economic Growth’ to reflect the emirate’s pursuit to play a key role in shaping the Islamic economy, which comprises the fastest growing markets in the world with estimated investments worth AED 30 trillion (US$ 8 trillion).
The Forum, which will be held in Dubai for the first time, is expected to be attended by more than 2,500 participants from 140 countries. The event will offer a global platform to form innovative partnerships based on the seven pillars of the Dubai Capital of Islamic Economy initiative launched in 2013: Islamic finance, Halal food industry, Family tourism, Islamic digital economy, Capital of Islamic art and design, Centre for Islamic economy standards and certification, and International centre for Islamic information and education.
Islamic finance is growing 50 per cent faster than the traditional banking sector with the demand for Islamic finance instruments estimated to grow in the coming years to exceed US$421 billion by 2017. Halal food and lifestyle is also becoming a fast-growing area, reporting consumer expenditure of $1.6 trillion in 2012, which is expected to grow as much as $2.7 trillion by 2018, according to a Global Islamic Economy Report, published by Thomson Reuters in partnership with DinarStandard.
Announcing the Forum, His Excellency Abdul Rahman Saif Al Ghurair, Chairman of Dubai Chamber, stressed that in order to build on the strong fundamentals of Islamic economies as the basis for sustainable economic development, it is important to enhance cooperation and integration between all parties concerned, including private and government sectors, the individual, the community as well as law and regulatory agencies.
“The global Islamic economy caters to a 1.6 billion population growing at twice the rate of the global population, which highlights its strong position. Dubai Chamber is keen to support this growth with recommendations and innovative solutions at the 10th World Islamic Economic Forum that will open new horizons for comprehensive economic development in line with our efforts to establish Dubai as the world capital of Islamic economy,” H.E. Al Ghurair said.
The Hon. Tun Musa Hitam, Chairman of the WIEF Foundation, said: “With the Muslim population in the world expected to grow to 2 billion in the next two years, Islamic economies present great opportunities for growth. The enormous size and the massive purchasing power of this market have been driving growth and contributing to the prosperity and improved standard of living of individuals in these economies.”
Pointing out that young people below 35 years constitute 60 per cent of the Muslim population, The Hon. Tun Musa emphasised the need to work out innovative and creative economic solutions that cater to the needs of the era.
“Dubai is the land of creativity and a city that has embraced the culture of innovation. We are confident that the 10th World Islamic Economic Forum will be a platform to launch Islamic products and services that meet the aspirations and needs of the new generation.” The Hon. Tun Musa added.
H.E. Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market, said: “As one of the world’s largest forums to share knowledge, experience and expertise, the WIEF is the ideal platform for Dubai to communicate its vision for the future of the Islamic Economy. Never before has the Islamic economy been seen as a composite whole that views the needs and aspirations of Muslims in the context of the economic sectors which serve them. The Dubai edition of the World Islamic Economy Forum will contribute to the acceleration of the economic development of Muslim nations, and underline Dubai’s leadership in creating an economic model that will have a positive impact on the lives of billions of people over the coming decade.”
The 10th World Islamic Economic Forum is being organised by the WIEF Foundation in collaboration with Dubai Chamber, as part of its efforts to support the vision of the emirate to become the global capital of Islamic economy. Dubai had offered to host the Forum during the ninth session of the event held last year in London.