The third Global Islamic Economy Summit 2016 is all set to start today (Tuesday, October 11, 2016) at Madinat Jumeirah in Dubai under the theme “Inspiring Change”.
Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the two-day summit is organised by Dubai Chamber of Commerce and Industry in collaboration with the Dubai Islamic Economy Development Center (DIEDC) with Thomson Reuters as strategic partner.
This year’s edition is set to welcome more than 3,000 leaders, decision makers, experts, and specialists from all sectors of the economy, in addition to academics from the world’s largest universities and academic institutions. What is more, GIES 2016 will include a speech given by Ameenah Gurib, President of Mauritius. Also on the speakers list this year are Mohammad Al Gergawi, Minister of Cabinet Affairs and the Future and Chairman of the Board of the Dubai Islamic Economy Development Centre; Obaid Humaid Al Tayer, Minister of State for Financial Affairs; Chiara Appendino, Mayor of the City of Turin, Italy; and Dr. Mohammed Al Hashel, Governor of the Central Bank of Kuwait.
Majid Saif Al Ghurair, Chairman, Dubai Chamber and Board Member of the Dubai Islamic Economy Development Centre, said: “Over the course of the past few years, the Global Islamic Economy Summit has proven its status as a global platform where tier-one speakers, leaders, decision makers, and experts from various fields converge to exchange opinions and expertise, and explore effective and sustainable solutions to the challenges facing the various sectors of the economy. The solutions they reach together helps move economic development and growth forward.”
Al Ghurair added: “The agenda for this year’s summit touches on issues affecting all key sectors of the Islamic economy and explores ways to develop those sectors and achieve further growth and prosperity.”
Meanwhile, Abdulla Mohammed Al Awar, Chief Executive Officer of DIEDC, said: “We believe the discussions at this year’s summit will enrich development plans, and consolidate efforts of governments, private organisations and all social segments in building a more sustainable world. We strive to increase international awareness around the importance of adapting Islamic standards in financial and economic activities. We are also confident that the summit will motivate the youth to actively participate in forming the future of this platform, which guarantees the achievements of their aspirations.”
The Global Islamic Economy Summit seeks to cement Dubai’s position as a capital for the Islamic economy and provide an integrated platform for decision makers and specialists to discuss key issues and major trends in Islamic economy in the region and the world.
The Summit sheds light on the Islamic economy’s role in sustainable social development and the part it can play to improve people’s lives. GIES also seeks to serve as a catalyst for the efforts to develop a balanced and fair economic model that offers innovative solutions to boost growth in all sectors. This year’s event will include six plenary sessions covering, on the one hand, broad topics such as the global dynamics shaping the Islamic economy, as well as, on the other hand, more specific subjects such as Islamic finance and sukuk. In addition to that, the summit will host parallel sessions discussing individual Islamic economic sectors. Over the course of the two days, the Summit will tackle a host of subjects including investing in SMEs, Islamic finance and sukuk, Halal products, and modest fashion, among others.
Day one of the summit will kick off with a plenary session discussing ways to mould young Muslims into adaptable leaders and productive members of their communities, and equip them to assume transformational roles in the Muslim world and beyond. Meanwhile, another plenary session will take on the subject of philanthropy in the Islamic world, shedding light on the successes of philanthropy and endowments in developed markets, which have adopted innovative models to ensure high returns and a strong social impact. The session will also explore effective strategies for managing Islamic charity funds in a way that creates real impact in modern society. Also on the agenda for day one is a session exploring the role of wealthy Muslim governments, sovereign wealth funds, and Islamic financial institutions in achieving the sustainable development goals within a realistic timeframe.
Elsewhere, a parallel session will look into the evolution of Islamic art exploring its aesthetic transformation and investment appeal, while another session examines the international halal market – one of the fastest-growing sectors within the global Islamic economy. Furthermore, a session will be exploring the role of social media in promoting modest Islamic fashion, where several social media entrepreneurs have managed to acquire an impressive market share for themselves. A parallel session, in the meantime, will ask whether sukuk can deliver a way out of global economic uncertainty.
Day two of the Summit will host sessions examining the digitisation of the banking sector and whether Islamic banks are equipped to handle these swift transformations, in addition to the role of Islamic banks in financing SMEs. Moreover, other sessions will look at ways to revive Islamic art using non-traditional applications of Islamic art, architecture, design, and calligraphy in the Muslim world and beyond; as well as the role of crowdfunding in the Islamic economy, where it can be used to bridge the funding gap in Muslim markets; and the evolving demand in the Muslim travel market.
On another note, the Summit has enlisted a number of influential sponsors, including Abu Dhabi Islamic Bank (ADIB) and Dubai Islamic Bank (DIB) at the top of the list, with the Dubai Technology Entrepreneur Centre (Dtec) of Dubai Silicon Oasis as a Diamond Partner, Tawreeq Holdings and the Awqaf and Minors Affairs Foundation as Gold Partners, and Fitch Ratings and National Bonds as Silver Partners. Meanwhile, Noor Bank joins the summit as an Art Sponsor, with Dubai Design District as a Design Sponsor, Dubai Culture as a Knowledge Sponsor, and Path Solutions as Exhibitor.