(MENAFN - Khaleej Times) The country is hurtling towards its goal of becoming the Islamic economic capital under the "crystal clear" vision for an Islamic-compliant financial sector, said His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Shaikh Mohammed commented on the progress being made on directives issued to make the transformation, as he attended a workshop being held by the Higher Committee for Development of Islamic Economy Sector on Friday.
Shaikh Mohammed said that his vision towards an Islamic-compliant sector is crystal clear.
"We have a clear vision for this vital sector and we want it to contribute significantly to our national economy and to help bolster our position as the world's capital for Islamic economy," he said.
Shaikh Mohammed said the country had all the necessary key elements in order to achieve its vision. "We have the infrastructure, the strategic location at the heart of the Islamic world and, importantly, a vast knowledge and experience in Islamic economy, Islamic banking, Islamic Sukook and insurance, and we have, above all, the resolve and ambition to achieve our goals," he said.
Shaikh Mohammed stressed the importance of Islamic economics and the significant role it was expected to play in boosting and diversifying the national economy, his website reported. Islamic consumers account for nearly a quarter of the world's population, with Islamic products amassing trillions in sales each year.
He attended a presentation session organised by the committee, chaired by Mohammed Abdullah Al Gergawi, Minister of State for Cabinet Affairs and Chairman of the Executive Office of Shaikh Mohammed bin Rashid Al Maktoum.
The presentation was held so that Shaikh Mohammed could acquaint himself with the teams formed within the committee, and the plans and initiatives that will be launched in the coming phase.
Al Gergawi said work was progressing well with all entities concerned supporting the endeavours to achieve Shaikh Mohammed's vision and Dubai Crown Prince Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum's directives to position Dubai as the global capital of the Islamic economy.
Shaikh Mohammed praised the committee's efforts and stressed his eagerness to support its work. He underlined the importance of concerted efforts in order to reach the vision.