Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of UAE, has issued a decree to set up the Dubai Islamic Economy Development Centre as part of the its efforts to become a global Islamic finance hub.
A decree was ordered to form the centre’s board of directors, which will be chaired by the UAE’s minster of Cabinet Affairs and chairman of Dubai Holding Mohammed Abdullah Al Gergawi.
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According to the provisions of the decree, the board, which will oversee the center, comprises of members from the local and federal government including Sami Daen Al Qamzi as Vice Chairman, with the board membership of Abdul Aziz Abdullah Al Ghurair, Hussain Nasser Lootah, Dr. Hamad Al Shiebani, Abdul Rahman Saif Al Ghurair, Hussain Daen Qamzi, Helal Saeed Al Marri, and Eisa Abdul Fattah Kazim, who is appointed as Secretary General of the Centre.
Abdulla Mohammed Al Awar has been named CEO of the centre.
The centre will aim to promote Dubai as a capital for the Islamic economy in addition to promoting economic activities compatible with Islamic law in goods and financial services sectors and the non-financial sector.
Additionally, the centre will build a database on Islamic economic activities and encourage recourse to arbitration in related Islamic economic activities disputes and will also conduct studies on the Islamic economy, determining the extent of Shariah-compliant economic activities on Dubai’s GDP and ways of developing it further.
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By GlobalData
