Mohammed bin Rashid Al Maktoum

Dubai set to become world’s Islamic economy capital

Dubai has the resources to become the capital of the world’s Islamic economy following an initiative by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister, and Ruler of Dubai, according to Mohammed Al Gergawi, chairman of the Dubai Islamic Economy Development Centre (DIEDC). Gergawi added that Islamic economy is expected to have a potential value of nearly seven trillion (Dh25 trillion) in 2020. In his opinion Dubai possesses the resources that make it the capital of the world’s Islamic economy, such as experience, the strategic location and the necessary infrastructure.

Mohammed bin Rashid issues law establishing "Dubai Islamic Economy Development Centre" and decree on forming its Board of Directors

His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as Ruler of Dubai, has issued Law No 13 of 2013 on the establishment of the "Dubai Islamic Economy Development Centre". He also issued Decree No 42 of 2013 to form the Centre's Board of Directors, to be chaired by Mohammed Abdullah Al Gergawi. The decree is effective from the date of issuance. The Centre will have legal personality and financial and administrative independence as well as the legal capacity necessary to direct all actions and behaviours to achieve the goals of the Centre. Promoting Dubai regionally and globally as a main centre for Shariah-compliant goods and services, building a database on Islamic economic activities and encouraging recourse to arbitration in related Islamic economic activities disputes are among the key objectives of the Centre.

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