Dubai likely to be next leader in Islamic economy?s evolution

While there are various major centres of the Islamic economy, all in Asia, it could be Dubai to emerge as the leader in the next phase of the evolution of Sharia compliant sectors, including finance and insurance, Halal food and lifestyle, and travel, according to a summary of Thomson Reuters? first State of the Global Islamic Economy Report 2013, which will be released on Monday at the first Global Islamic Economy Summit in the emirate.

Malaysia, considered to be the strongest centre of an all-round Islamic economic sector, may have reached a point of ?stagnation? and so, Dubai, with a clear goal of establishing itself as the centre of a global Islamic economy, looks to be one with the biggest potential, says the summary. The other major centres are Saudi Arabia, Turkey and Indonesia.

In fact, On October 5, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, had announced the unveiling of a plan for ?capital of Islamic economy? for the emirate.

?The continued developments and changes in the global economy increase the need to constantly diversify the structure of our national economy,? said Shaikh Mohammad at the time, according to WAM. ?Our firm principle in the UAE is not to rely on one single economic resource or sector. The Islamic economy is not new to us, in fact, we have accumulated considerable expertise in this field and our aim is the global arena.?

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