Quotes: US 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 standards adopted 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
 Oct 21 2014 - Modi win in 2 states pave way for national overhaulArab News
(MENAFN - Arab News) NEW DELHI: It's been a good weekend for India's Prime Minister Narendra Modi.Two days ago he took his biggest step yet toward boosting the economy with a shift to more ...

 Oct 21 2014 - Sri Lanka heads for snap presidential poll in JanuaryArab News
(MENAFN - Arab News) COLOMBO: Sri Lanka will hold a presidential election in January almost two years ahead of schedule with Mahinda Rajapakse seeking a third term the information minister said ...

 Oct 21 2014 - Industries Qatar Posts QR 4.7 Billion 9Month Net ProfitQatar News Agency
(MENAFN - Qatar News Agency) Doha October 20 (QNA) - Riding on a third quarter net profit of QR 1.9 Billion Industries Qatar (QE: IQCD) posted a net profit of QR 4.7 Billion for nine-month period ...

 Oct 21 2014 - Lufthansa LongHaul Pilots Join StrikeQatar News Agency
(MENAFN - Qatar News Agency) Frankfurt October 20 (QNA) - Long-haul pilots of German Airline Lufthansa said Monday they will join a strike started by their short and medium-haul colleagues who are ...

 Oct 21 2014 - MediCare Group Qatar German Company Disclose Interim Financial StatementsQatar News Agency
(MENAFN - Qatar News Agency) Doha October 20 (QNA) - MediCare Group disclosed the interim financial statements for the period ending September 30 2014. The interim financial statements revealed a ...

 Oct 21 2014 - Pakistan's Army Chief Heads to IndonesiaQatar News Agency
(MENAFN - Qatar News Agency) Islamabad October 21 (QNA) - Pakistani Army Chief of Staff Gen. Rachel Sharif headed to Indonesia last night for a three-day visit. According to a statement issued by ...

 Oct 21 2014 - Qatar- HH the Emir Meets Azerbaijan's Emergency MinisterQatar News Agency
(MENAFN - Qatar News Agency) Doha Doha (date) - HH the Emir Sheikh Tamim bin Hamad Al-Thani met here Monday morning at Al Bahr Palace with Minister of Emergency Situations of the Republic of ...

 Oct 21 2014 - Bin Alawi Meets Tanzanian Parliament SpeakerQatar News Agency
(MENAFN - Qatar News Agency) Muscat October 20 (QNA) - Omani Minister in Charge of Foreign Affairs Youssuf bin Alawi bin Abdullah met here today with Speaker of Tanzanian Parliament Anne Makinda. ...

 Oct 21 2014 - Qatar- HH Sheikha Moza Opens 31st IASP World ConferenceQatar News Agency
(MENAFN - Qatar News Agency) Doha October 20 (QNA) - Chairperson of Qatar Foundation for Education Science and Community Development (QF) opened today the 31st World Conference of the International ...

 Oct 21 2014 - Qatar- BDF CommanderinChief Meets Commander of the Joint Peninsula ShieldQatar News Agency
(MENAFN - Qatar News Agency) Manama October 20 (QNA) - Commander-in-Chief of the Bahrain Defense Force (BDF) Field Marshal Sheikh Khalifa bin Ahmed Al Khalifa met here Monday with the Joint Peninsula ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help