Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai Islamic economy boost  Join our daily free Newsletter

MENAFN - Khaleej Times - 18/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, 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 Almarri 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.

Dubai aims to be the capital of the Islamic economy. - Kt file

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.

The law specifies the terms of reference of the Dubai Islamic Economy Development Centre, which includes drawing up the centre's general policy and setting up strategic plans for the development of the sector in the emirate, in addition to developing comprehensive and unified standards to judge the extent to which any commodity or financial service or otherwise complies with the provisions of Islamic law and promoting these standards locally and globally.

The specialisations of the centre also include the creation of a system to endorse compatibility of products, commodities and financial and non-financial services with standardsdopted by the eentre and issuing necessary certificates in this regard.


The centre will, among its other specialisations, conduct specialised studies and researches on Islamic economy, determining the extent of Shariah-compliant economic activities' contribution to the gross domestic product of the emirate, and how to develop them to achieve the objectives of the centre.

The centre shall, within its terms of reference, launch Islamic economy awards and programmes and oversee them in accordance with the board's decision, establish or contribute to the establishment of companies and investment projects related to the objectives of the centre, as well as coordinating with various local and federal agencies in areas of relevance.

Coordinating with centres and bodies, associations and local, regional and international organisations and concluding agreements and memoranda of understanding are among the other objectives that support of the goals of the centre.

Law No. 42 of 2013 specifies the specialisations of the board of directors of the Dubai Islamic Economy Development Centre, including the design and development of the centre's general policy and supervising its implementation, adoption of strategic and development plans related to the board's work, adopting of programmes and initiatives needed to implement its policy and its strategic and development plans. Moreover, the centre aims to ratify administrative, financial and technical rules and regulations related to the organisation of work at the centre and its organisational structure, as well as endorsing of the annual budget and final accounts, and submitting them all to Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, for approval, in addition to the formation of permanent and temporary committees and specialised work teams and determining their functions and powers in a manner that contributes to the achievement of the objectives of the centre.

With regards to the executive apparatus, the law stipulates that the executive apparatus consists of an executive director who shall be appointed by a decision issued by the Crown Prince of Dubai, in addition to a number of administrative, financial and technical staff. The law also details the terms of reference of the executive director, which include proposing policies and strategic development and operational plans, as well as initiatives and programmes that will achieve the goals of the centre, all of which are to be submitted to the board in coordination with the secretary-general.

 


Khaleej Times




  MENA News Headlines
 Feb 5 2016 - Jordan's Joramco to spend USD10m on expansionMENAFN
(MENAFN) In response to expanding demand and an arising Iranian aviation market, Joramco, a Jordan-based aircraft heavy maintenance company, is planning to invest nearly USD10 million to expand its ...

 Feb 5 2016 - UAE's Career Fair 2016 kick-start with huge potentialMENAFN
(MENAFN) The Abu Dhabi City Municipality is participating in the Career Fair 2016, under the umbrella of the Department of Municipal Affairs, which launched in in Abu Dhabi National Exhibition ...

 Feb 5 2016 - Industries Qatar register USD1b gross profit over 2015MENAFN
(MENAFN) Industries Qatar, one of the region's industrial behemoths which specializes in the production of a wide range of petrochemical products, reported financial results for the period ended Dec, ...

 Feb 5 2016 - At least 2297 journalists killed since 1990: IFJThe Peninsula
(MENAFN - The Peninsula) Brussels: At least 2297 journalists and media workers have been killed in the last 25 years with Iraq ranking as the most deadly country the International Federation ...

 Feb 5 2016 - US accuses Damascus Moscow of seeking military solution in SyriaThe Peninsula
(MENAFN - The Peninsula) Washington:US Secretary of State John Kerry accused Moscow and Damascus of seeking a military solution to the war in Syria rather than a political one Wednesday after ...

 Feb 5 2016 - Greek bus drivers migrants block highway over border impasseThe Peninsula
(MENAFN - The Peninsula) Migrants walk to buses that will transport them to the Greek-Macedonian border following their arrival aboard the passenger ferry Eleftherios Venizelos at the port of Piraeus ...

 Feb 5 2016 - Passengers crew evacuated from Madrid Riyadh after bomb threatThe Peninsula
(MENAFN - The Peninsula) MADRID: Spanish authorities evacuated allpassengers and crew from a flight bound for Riyadh SaudiArabia at Madrid's Barajas international airport after a bombthreat ...

 Feb 5 2016 - US demands end to Russia strikes after Syria talks collapseThe Peninsula
(MENAFN - The Peninsula) U.S. Secretary of State JohnKerryspeaks at the donors Conference for Syria in London Britain February 4 2016. REUTERS London:The United States demanded Thursday that ...

 Feb 5 2016 - Five Czechs found in Lebanon on way home: ministerThe Peninsula
(MENAFN - The Peninsula) Foreign Minister Lubomir Zaoralek said on Thursday Five Czechs found in Lebanon following their suspected kidnapping last July are in a Czech government plane on their way to ...

 Feb 4 2016 - Pakistan to receive 497mn tranche of IMF loan: officialsThe Peninsula
(MENAFN - The Peninsula) Islamabad: The International Monetary Fund announced Thursday it would release the latest instalment worth $497 million of a three-year economic bailout package to ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help