In support of ‘Dubai: The Capital of Islamic Economy’ initiative & in line with ‘Internet of Things’ strategy
DAFZ & International Center of Islamic Economy launch Blockchain Forum & Halal Digital Chain
The International Center of Islamic Economy (ICIE) in cooperation with the Dubai Airport Freezone Authority (DAFZ) has launched the Halal Digital Chain project and the Blockchain Forum. The project is part of major initiatives in line with the ‘Dubai: The Capital of Islamic Economy’ plan announced by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The two initiatives aim to diversify the UAE’s economy and promote its growth. They complement Dubai’s ‘Internet of Things (IoT) Strategy’ which calls on all organizations and bodies to join the smart digital transformation process.
The first blockchain forum for the halal industry was attended by diplomatic dignitaries, investors and entrepreneurs from Australia, China, Malaysia, Nigeria, Pakistan and other countries that place great importance on the Halal industry. It included a series of meetings, workshops and sessions and featured video presentations on the new ‘Halal Chain,’ the first digital chain to include various companies listed under the Halal sector involved in activities ranging from production and processing to distribution and delivery across the entire supply chain.
Commenting on the project, Amna Lootah, Assistant Director General – Finance, Commercial & Customer Relation division, Foster of DAFZ Innovation & Future Unit, said: “Through its collaboration with the International Center of Islamic Economy, DAFZ affirms its commitment to supporting all efforts to promote Dubai’s leading position in all fields, especially as it has become a global model for economic diversification. This forum is part of endeavors to adopt the latest technologies that contribute to achieving the goals of Dubai Smart Plan 2021 which aims to make Dubai the smartest city in the world. It also supports the Islamic economy and the development of the UAE’s Halal sector which ranked first in the Arab World and second globally in the Islamic Economy Index of 2016.”
Lootah added: “The implementation of Blockchain systems in DAFZ by the first half of 2018 will make us the first smart freezone in the world, and because of the importance given to the Islamic economy as embodied by the ‘Dubai: The Capital of Islamic Economy’ initiative, the Halal Digital Chain – Blockchain project provides a solid pillar for strengthening the Islamic economy and the Halal industry. It will help achieve the objectives of the ‘DAFZ Innovation Strategy’ which in turn reinforces Dubai’s status as a global innovation hub.”
Sultan bin Mohammed Al Howymel, CEO, ICIE, said: “By collaborating with DAFZ in organizing this forum, the ICIE reaffirms its commitment to promoting Dubai’s unparalleled achievements in becoming a leader of the global Islamic economy and supporting the ‘Dubai: The Capital of Islamic Economy’ initiative. Through this event, we look forward to bringing together investors in the Halal industry and supporting them in expanding their contacts by meeting with businessmen and experts on the Islamic economy. This will enhance innovation and help them benefit from the leading experiences of our strategic partners in the project. This is so that we can establish a Halal Digital Chain that can raise the Halal industry to a new level by adopting smart solutions and Blockchain technology.”
The project is based on a comprehensive study of Halal Digital Chain technology and how it can be applied on the ground. It gathers industry leaders from the UAE and around the world and provides them with relevant information on the Halal industry in order to come up with new ideas for developing the sector and its involvement within the digital world through the blockchain processing of halal products and all aspects related to their manufacturing and production.
The Halal Digital Chain is a decentralized digital system supported by blockchain and IoT technologies. It verifies and tracks halal products by bringing together stakeholders in a single digital system, enabling consumers to see the product manufacturing and processing stages. The Halal Digital Chain is part of the ecosystem that allows producers, manufacturers, distributors and other stakeholders to collaborate on the development of the industry, as well as create a dynamic cycle that supports the Islamic economy and strengthens its position in the UAE and across the Islamic world.
DAFZ is a pioneering supporter of government and private sector efforts to strengthen Dubai’s status as a global hub for foreign investment. It has played a major role in developing vital sectors in the emirate. This support was recently demonstrated by the freezone’s launching of a comprehensive guide on halal industries titled ‘Dubai: The Global Gateway to Halal Industries’ which aims to catalyze foreign investors to help enhance the Islamic economy. The guide addresses all the halal sectors, highlighting the huge opportunities that foreign investors can take advantage of, thus maximizing their contribution to the growth of the Islamic economy. It also includes introductory and guiding chapters for foreign investors to explore the various sectors of the halal market. These chapters provide evaluation models and checklists to help interested parties enter the Islamic market and explore its strategic features.
The International Center of Islamic Economy aims to stimulate innovation and launch initiatives in the Islamic economy domain by building partnerships with related international organizations and supporting the development of skills and experiences of practitioners and specialists in the field. The Center has put together a special team in coordination with elite experts and consultants to develop products, create financial tools, and conduct studies and research involving the Islamic economy. It also implements packages of programs and events which promote innovation and development.