The government taskforce set up to develop Dubai’s Islamic economy aims to grow the sector’s contribution to the emirate’s gross domestic product to 10 per cent by 2021 from 8.3 per cent today.
The Islamic economy, which includes Sharia-compliant banking, retail and other products and services, could be boosted through efficient and widespread use of modern technology, the Dubai Islamic Economy Development Centre said in a statement on Saturday.
“The UAE is a catalyst for innovative initiatives and policies that present effective solutions to global economic challenges, while specifically enhancing the Islamic economy,” said Sultan Al Mansouri, UAE Minister of Economy and chairman of DIEDC.
“As a comprehensive economic system, a knowledge-based economy also paves the path to the economy of the future.”
DIEDC in 2017 launched a new Islamic economy strategy for the five-year period to 2021. The strategy aims to identify new metrics to monitor the growth of three key sectors – Islamic finance, halal products, and Islamic lifestyle (including culture, art, fashion and family tourism) – and measure their contribution to the national GDP.
In 2018, the overall Islamic economy accounted for 8.3 per cent of Dubai’s GDP, while the halal industry made up 5.8 per cent of total Dubai trade volumes, showed official figures from Dubai Statistics Centre.
Demand for Sharia-compliant products and services is rising globally to cater to the world's Muslim population, with the Islamic finance sector growing especially quickly. Sharia-compliant financial assets were estimated to make up 1 per cent of all financial assets worldwide in 2017, according to Thomson Reuters. The industry grew by 6 per cent to reach $2.4 trillion by the end of last year, according to this year's Global Islamic Finance Report by Edbiz Consulting based in the UK.
The UAE is among the countries leading the way, and Dubai this year set a world record for the highest value of sukuk (Islamic bond) listings – Dh217.33 billion ($60bn) – in one year, according to the Department of Economic Development's Dubai Economic Report 2018.
_______________
Read more:
Islamic banking key to financing China’s Belt and Road
Dubai Islamic Bank Q2 net profit rises 14% on core businesses income growth
DIFC Courts in bid to support firms trading on China’s Belt and Road
_______________
The scope of the DIEDC will be further broadened in 2019. “A specific goal would be to [increase Islamic economy’s contribution to GDP] through efficient use of modern technology,” said DIEDC director general Essa Kazim.
In the year ahead, the centre aims to develop partnerships with local and international organisations, with the goal of building a regulatory framework and ecosystem to shape the growth of the Islamic economy. Increasing knowledge, industry standards and use of digital technologies in Sharia-compliant industries are key to the DIEDC’s strategy for 2019.
It also aims to supply young talent with the required skill set to boost growth across key sectors of the Islamic economy and contribute to the growth of the wider knowledge economy.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
More on Quran memorisation:
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
