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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the U.A.E., in his capacity as Ruler of Dubai, has issued Law No 13 of 2013 on the establishment of the “Dubai Islamic Economy Development Centre”. He also issued Decree No 42 of 2013 to form the Centre’s Board of Directors, to be chaired by Mohammed Abdullah Al Gergawi.
According to the provisions of the decree, the Board of Directors will comprise: Sami Daen Al Qamzi as Vice Chairman, with the board membership of Abdul Aziz Abdullah Al Ghurair, Hussain Nasser Lootah, Dr. Hamad Al Shiebani, Abdul Rahman Saif Al Ghurair, Hussein Daen Qamzi, Helal Saeed Al Marri, and Isa Abdul Fattah Kazim, who is appointed as Secretary General of the Centre as stipulated in article Two of the decree, in addition to his membership post on the Centre’s Board.
The decree is effective from the date of issuance and shall be published in the official Gazette.
Law No 42 of 2013 details the basic objectives of the Centre, which will have legal personality and financial and administrative independence as well as the legal capacity necessary to direct all actions and behaviours to achieve the goals of the Centre, including promotion of the Emirate of Dubai to become the global capital of Islamic economy, promotion of economic activities compatible with Islamic law in goods and financial services sectors, as well as the non-financial sector as a main pillar on which the economy of the Emirate is based. Promoting Dubai regionally and globally as a main centre for Shariah-compliant goods and financial and non-financial services, building a database on Islamic economic activities and encouraging recourse to arbitration in related Islamic economic activities disputes are also among the key objectives of the Centre.