28 Oct, 2018Opening Bell at Nasdaq Dubai’s MarketSite Rings in Islamic Economy Week

Day two of a packed weekly schedule of Islamic economy events and activities in Dubai included a closed session on international halal standards and schemes benchmarking for halal auditors, the unveiling of the State of the Global Islamic Economy Report 2018/19, a session on halal logistics in theory and practice, a workshop titled ‘Islamic Fintech – Innovations in Sustainable Finance’, and a closed-door Islamic Creative Economy networking event.

Speaking on the Islamic Economy Week, His ExcellencyEssa Kazim, Governor of the Dubai International Financial Centre (DIFC), Chairman of Borse Dubai and the Dubai Financial Market, and Secretary General of DIEDC, said: "The inaugural Islamic Economy Week is a continuation of Dubai’s efforts to promote the Islamic economy principles. Set to run from 30 to 31 October as part of the week’s programme, the Global Islamic Economy Summit will convene key stakeholders from across the world and strengthen the emirate’s position as the global capital of Islamic economy."

For his part, Abdulla Al Awar, CEO of DIEDC, said: "The Islamic Economy Week aims to spotlight the most relevant topics on Islamic economy and stimulate discussions to identify innovative and ethical solutions to emerging global economic challenges."

He noted that the penetration of sharia-compliant products and services is on the rise, with the value of global assets in the Islamic finance sector estimated at US$2.4 trillion in 2017 and expected to surge to US$3.8 trillion by 2023.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "We are delighted to welcome DIEDC to launch day two of the Islamic Economy Week, which will promote viable and effective sharia-compliant alternatives to conventional solutions in our region and globally. The Centre’s dedication to expanding the Islamic economy in sectors ranging from trade to retail and hospitality to financial services is contributing to the creation of innovative and vibrant economic activity."

Hamed Ali, CEO of Nasdaq Dubai, said: "With growing activity across all areas of Islamic finance, including the largest listed sukuk value of any global centre at US$ 59.7 billion from 72 listings, Dubai is making great strides in advancing the Islamic economy. Nasdaq Dubai will play an accelerating role in this important project, including expanding its suite of sharia-compliant equity and debt listings as well as its Murabaha financing platform to support businesses and individuals seeking sharia-compliant routes to wealth generation."

The bell ringing by DIEDC was the first to take place at MarketSite, Nasdaq Dubai’s thought leadership event and broadcasting space at its new offices in DIFC. MarketSite is open to hosting more bell ringings by issuers and other companies, as well as corporate celebrations, announcements, Executive Briefings and training courses.