Opening Bell at Nasdaq Dubai’s MarketSite Rings in Islamic Economy Week

Dubai-UAE: 28 October, 2018 – Dubai Islamic Economy Development Centre (DIEDC) today rang the market-opening bell at Nasdaq Dubai’s MarketSite to mark the start of the second day of the Islamic Economy Week that coincided with the opening of the day’s trading session.

Day two of a packed weekly schedule of Islamic economy events and activities in Dubai included a closed session on international halal standards and schemes benchmarking for halal auditors, the unveiling of the State of the Global Islamic Economy Report 2018/19, a session on halal logistics in theory and practice, a workshop titled ‘Islamic Fintech – Innovations in Sustainable Finance’, and a closed-door Islamic Creative Economy networking event.

Speaking on the Islamic Economy Week, His Excellency Essa Kazim, Governor of the Dubai International Financial Centre (DIFC), Chairman of Borse Dubai and the Dubai Financial Market, and Secretary General of DIEDC, said: “The inaugural Islamic Economy Week is a continuation of Dubai’s efforts to promote the Islamic economy principles. Set to run from 30 to 31 October as part of the week’s programme, the Global Islamic Economy Summit will convene key stakeholders from across the world and strengthen the emirate’s position as the global capital of Islamic economy.”

For his part, Abdulla Al Awar, CEO of DIEDC, said: “The Islamic Economy Week aims to spotlight the most relevant topics on Islamic economy and stimulate discussions to identify innovative and ethical solutions to emerging global economic challenges.”

He noted that the penetration of sharia-compliant products and services is on the rise, with the value of global assets in the Islamic finance sector estimated at US$2.4 trillion in 2017 and expected to surge to US$3.8 trillion by 2023.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “We are delighted to welcome DIEDC to launch day two of the Islamic Economy Week, which will promote viable and effective sharia-compliant alternatives to conventional solutions in our region and globally. The Centre’s dedication to expanding the Islamic economy in sectors ranging from trade to retail and hospitality to financial services is contributing to the creation of innovative and vibrant economic activity.”

Hamed  Ali, CEO of Nasdaq Dubai, said: “With growing activity across all areas of Islamic finance, including the largest listed sukuk value of any global centre at US$ 59.7  billion from 72 listings, Dubai is making great strides in advancing the Islamic economy. Nasdaq Dubai will play an accelerating role in this important project, including expanding its suite of sharia-compliant equity and debt listings as well as its Murabaha financing platform to support businesses and individuals seeking sharia-compliant routes to wealth generation.”

The bell ringing by DIEDC was the first to take place at MarketSite, Nasdaq Dubai’s thought leadership event and broadcasting space at its new offices in DIFC. MarketSite is open to hosting more bell ringings by issuers and other companies, as well as corporate celebrations, announcements, Executive Briefings and training courses.

About Nasdaq Dubai

Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).

The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).

About Dubai Islamic Economy Development Centre

Dubai Islamic Economy Development Centre (DIEDC) was established in December 2013 under the supervision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, to transform Dubai into the capital of Islamic economy.

In 2017, DIEDC launched its refreshed Islamic economy strategy (2017-2021) that focuses on identifying new key performance indicators (KPIs) for monitoring the growth of three core Islamic economy sectors – Islamic finance, halal products, and Islamic lifestyle encompassing culture, art, fashion and family tourism – in addition to measuring their contribution to the UAE’s national economy. Knowledge, standards and digital Islamic economy serve as cornerstones that support these key sectors in achieving the leadership’s Islamic economy vision.

As part of the new mandate, DIEDC is keen to develop strategic partnerships with local and international organisations to build a robust framework and comprehensive ecosystem of Islamic economy principles and regulations.

DIEDC seeks to empower young talent with the required skillset to boost growth across the strategic Islamic economy sectors and contribute to achieving sustainable development for the wider global community.

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