A need to define an Islamic economy

Need for proper regulatory framework governing all aspects is vital, says Dubai Chamber

To take the Dubai Islamic economy forward, a regulatory framework with clearly defined terms and need for innovation should be in place, the Dubai Chamber of Commerce and Industry recommended at the closing of the Global Islamic Economy Summit 2013 here yesterday.

The need for a proper regulatory framework governing all aspects of the Islamic economy is vital, said Hisham Al Shirawi, Second Vice Chairman of the Chamber.

“Standardisation is key to developing Dubai’s Islamic vision,” he said.

He said a standard definition of Halal is needed, especially when talking about non- Muslim markets or when regional cooperation is needed.

Al Shirawi also emphasised the importance of innovation to promote the concept of the Islamic economy, calling upon the private sector to seek innovation in the way they engage with Muslim and non- Muslim consumers.

The summit attracted more than 3,500 delegates over its two days, with 106 speakers giving their insights and experiences to a packed audience. The Summit sought to define and set the standard for future events on the Islamic economy vision, launched by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice- President and Prime Minister and Ruler of Dubai, and to help position Dubai as its global capital for Islamic Economy.

“The Islamic economy should be inclusive not exclusive, and we must aim for more than compliance by setting our sights on being the best standard internationally. Dubai is seeking to bring the Muslim world together under the concept of one global Islamic economy,” Al Shirawi said.