DUBAI: The initiative of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum to set up a comprehensive platform of Islamic economy products and services is crucial to finding a host that takes under its wings an industry valued at $4 trillions, Kuwait's Arab Planning Institute (API) chief said on Monday.
The initiative known as "Dubai: Capital of Islamic Economy" was announced in January 2013 by Sheikh Mohammad. It aims at further diversifying Dubai's economy and boosting Islamic economy; which stands at 11 per cent of world economy.
Kuwait News Agency quoted API's Director General as saying "Islamic economy is promising and fast-growing," at the end of a two-day conference on international Islamic Economics and China, held at Zayed University.
He further noted that Islamic economy is the only economy that truly benefits consumers since it does not seek profit or commercial exploitation.
"Choosing Dubai as the capital of Islamic economy mainly depends on the city's well-diversified economy and its ambitious growth fuelled by the robust performance of its core sectors including trade, retail, tourism, aviation, hospitality, financial services and logistics," Malallah continued.
This initiative seeks the development of Islamic financing tools, attraction of the biggest insurance companies to take Dubai as their headquarters, development of commercial standards for Islamic industries and guidelines for Halal food manufacturing and development of Islamic quality standards for Halal food approval.
Malallah noted that Kuwait is aware of this Islamic approach in economy. Kuwait Finance House, Bait Al Zakat (House of Alms) as well as other Islamic insurance bodies, are very involved in applying Islamic standards in their businesses.
''Kuwait's Arab Planning Institute is "very interested" in going into partnership with Dubai by giving the needed training and consultative support,'' he said.
International Conference on Islamic Economics and China tackled basics of Islamic financial co-operation between Arab states and China, opportunities and challenges of Islamic finance services in China, Islamic economics, world financial crises, Islamic finance and challenges of global development.