(MENAFN- Khaleej Times) An ambitious initiative to transform Dubai into the world capital of Islamic economy was launched on Saturday by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The timely initiative, led by a high-level task force, comes as the thriving global Islamic finance market is forecast to expand from $1.6 trillion in assets to between $2 trillion and $3 trillion by 2015.
The task force, the Higher Committee for the Development of Islamic Economy, has been given six months to draw up the strategy and 36 months to implement the blueprint with 46 strategic initiatives.
Shaikh Mohammed revealed seven of these initiatives at the launch of the Dubai - Capital of Islamic Economy initiative in the presence of Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council; and Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of Dubai Media Incorporated (DMI).
"The continued developments and changes in the global economy increase the need to constantly diversify the structure of our national economy. 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," said Shaikh Mohammed.
"In the UAE, we excel at the public-private sector partnership, where both sectors work as one team. Therefore, I am optimistic about the success of the Islamic economy sector and about placing Dubai on the international economic map as the global destination of choice that provides Islamic products, finance and services as well as raising the standards for the management and quality of this sector to new levels.
"Our aim from all economic initiatives we launch is to improve the quality of life and providing opportunities that ensure a prosperous future for coming generations," added Shaikh Mohammed.
He directed all stakeholders to coordinate their efforts in light of the strategic plan for developing the Islamic economy sector and to support this sector by continuously launching strategic initiatives and programmes.
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