More than 2,600 Muslim leaders of business and politics are gathering in London for the ninth World Islamic Economic Forum (WIEF), the first to be held outside an Islamic country.
Tun Musa Hitam, a former Malaysian politician who is chairman of the WIEF Foundation, joined with Alexander Justham, the chief executive of the London Stock Exchange, to formally open trading on the British market in honour of the WIEF gathering in the wind-blown capital.
“When the forum is in London, it means we have arrived,” Mr Hitam said. Mr Justham replied: “It is very important for the forum to be here. We truly appreciate the decision to come to London. We want to make this a better environment for Islamic capital.”
The overall theme of the forum, which formally begins today, is: Changing world, new relationships. It comes at a time of increasing competition between London and other financial centres to be regarded as the global hub of Islamic financial business.
Kit Malthouse, the deputy mayor of London, responsible for business and finance, said: “The world comes together in harmony in London to make money.”
Malaysia is the world’s leading issuer of sukuk, or corporate bonds, but London has been challenging in the role of secondary trader of these and other forms of Sharia-compliant banking and financing, estimated to be worth some US$1.6 trillion annually.
Earlier this year, Dubai declared is ambition to become the global hub of the overall Islamic economy, worth an estimated $8tn, including finance. Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, set a three-year timetable for Dubai to achieve its goal.
London is pushing its claim hard. Mr Malthouse said: “One of the things I have witnessed over recent years is the internationalisation of London. Now it is generally mixed, with lots of races living together in unexpected harmony, especially when they’re making money.”
He pointed to London’s track record of successful sukuk listings, and of the many law firms that had developed specialist Sharia-compliant departments.
Mr Malthouse also highlighted recent big investments by Arabian Gulf companies, especially Qatar, in London’s property sector, and contrasted the development of DP World’s London Gateway project with America’s refusal to sell ports in the United States as part of the 2006 takeover of P&O.
The British prime minister, David Cameron, is to deliver a keynote address to the forum today, in the presence of Najib Razak, the prime minister of Malaysia; King Abdullah of Jordan; Hamid Karzai, the president of Afghanistan; and Salman bin Hamad Al Khalifa, the crown prince of Bahrain, among other Islamic leaders.
A delegation from the Dubai Chamber of Commerce, one of the main sponsors of the forum, is expected to attend, as well as other UAE government figures.
Underlining the importance of the event for Britain, Prince Charles will attend a gala dinner of Islamic world leaders.
Many poorer Islamic countries, such as Pakistan, Bosnia and Kosovo, will use the forum to make appeals for inward investment from energy-exporting nations. Private and government-related business groups will also be at the meeting.
fkane@thenational.ae
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Manchester City 4
Otamendi (52) Sterling (59) Stones (67) Brahim Diaz (81)
Real Madrid 1
Oscar (90)
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
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TRAINING FOR TOKYO
A typical week's training for Sebastian, who is competing at the ITU Abu Dhabi World Triathlon on March 8-9:
- Four swim sessions (14km)
- Three bike sessions (200km)
- Four run sessions (45km)
- Two strength and conditioning session (two hours)
- One session therapy session at DISC Dubai
- Two-three hours of stretching and self-maintenance of the body
ITU Abu Dhabi World Triathlon
For more information go to www.abudhabi.triathlon.org.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Our family matters legal consultant
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The rules on fostering in the UAE
A foster couple or family must:
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- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
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- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
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How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
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APPLE IPAD MINI (A17 PRO)
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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- Join parent networks
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WRESTLING HIGHLIGHTS
