Islamic Economy

Dr. Mohammed Al Zarouni launches Innovative Platform for Islamic Economy

The ‘International Innovative Platform for Islamic Economy Products (IIPIEP) 2015’ was introduced today (Sunday, November 22, 2015) bring in amazing regional and international interest to its brand-new innovative concepts. The platform, which gives efforts to reinforce the global Islamic financial system a major increase, is being organized by the International Center of Islamic Economy in partnership with DAFZ and in combination with UAE Innovation Week 2015 which is being held in line with H.H. President Sheikh Khalifa bin Zayed Al Nahyan’s declaration of 2015 as the ‘Year of Innovation.’ Innovation Week is a pioneering initiative introduced by H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.

The new and imaginative concepts were extensively praised by more than 300 individuals, in specific the ‘Oasis of Innovation in Islamic Economy’– the very first worldwide oasis devoted to nurturing innovative ideas and entrepreneurial repairs and installations in assistance of the international Islamic economy. The Innovation Oasis features a contemporary and industrialized environment based on an interactive method that stimulates imagination and innovation. It offers the needed advisory services to guarantee the change of creative concepts into practical products according to Sharia and technical demands and in cooperation and coordination with financial facilities.

IIPIEP 2015 has unveiled the idea of the ‘Endowment Bank,’ which was discussed in information to an attentive audience as a strategically vital innovative concept particularly for banks operating in accordance with Islamic Sharia rules. The new concept proposes the establishment of a financial organization through the investment of cash and in-kind endowments which represent the bulk share in the bank’s capital. This will be done according to modern formats and normally accepted bank guarantees, to accomplish Sharia, social and collective purposes.

‘Cash-Financing Through Telecom Services’ on the other hand, is a creative idea that represents an embodiment for which is being accomplished by Islamic funding as a combination between monetary activities and actual economy. This originality has an actual economic value as it provides the money needs of the Islamic financial markets and improving the quality of Islamic monetary industry products, specifically as it is based on the provision of cash payments in exchange of a restricted amount of call minutes provided to the investor under the structure of joint relationships amongst banks, telecoms business, and individuals.

In his speech, Dr. Mohammed Al Zarouni, Director General of DAFZ, indicated the growing function of the Islamic economy as an integrated system that enables the sustainable development and prosperity of the neighborhoods in the world. He praised the success of the Emirate of Dubai and the UAE as a whole in making the Islamic economy usher in a brand-new location of excellence and leadership on the global economic map, in line with the vision and smart policy of H.H. Sheikh Mohammed bin Rashid Al Maktoum.

Dr. Al Zarouni praised the imaginative concepts presented, emphasizing the value of the ‘Innovation Oasis in Islamic Economy,’ ‘Endowment Bank, and ‘Cash-Financing Through Telecom Services’ in supporting efforts to enhance Islamic economy items and services. He also noted the significance of constructing strong complementary relationships with the public and personal sectors in order to accelerate the pace of establishing services, monetary and commodity Islamic items according to the greatest international requirements.

He concluded: “We are recognized to cooperate with the International Center of Islamic Economy in launching The International Innovative Platform for Islamic Economy Products through which we hope to take a fresh step towards consolidating Dubai’s influential presence on the international Islamic economy. Our company believe in the importance of supporting the effective economic diversity policy embraced by the UAE, which is why we at DAFZ mean to intensify our efforts to motivate innovation and imagination and establish brand-new services and products that are certified with Islamic Sharia concepts and keep rate with the requirements of the Twentieth Century”.

For his side, His Eminence, Dr. Abdulrahman Bin Saleh Al-Atram, President of the International Center of Islamic Economy FZE and Secretary General of the International Islamic Foundation for Economics & Finance (IIFEF), said: “The main goal is to construct an integrated Islamic financial system that supports the global financial development procedure. The brand-new imaginative ideas like the ‘Oasis of Innovation in Islamic Economy,’ ‘Endowment Bank’ and ‘Cash-Financing Through Telecom Services’ will help in achieving the enthusiastic objectives of establishing Islamic product and services.”.

“The ‘International Innovative Platform for Islamic Economy Products 2015’ incubates the innovative ideas and entrepreneurial repairs and installations and offers all the consulting services complying with the provisions of Islamic economy and Sharia to encourage the evolve of Islamic products that satisfy the requirements of international development” concluded, Dr. Al-Atram.

Abdulla Mohammed Al Awar, CEO of the Dubai Islamic Economy Development Centre (DIEDC) stated: “When His Highness Sheikh Mohammed bin Rashid Al Maktoum imagined Dubai the Capital of Islamic Economy, he made it clear to us and to the world that development would be the basic driving force behind the development of the seven significant sectors that specify this distinct environment. Today, we are seeing the launch of a platform that will increase our efforts in establishing the seven pillar strategy of the Islamic economy. The International Innovation Platform for Islamic Economic Products fulfills the requirements and goals of stakeholders, magnate, Muslims and non-Muslims neighborhoods for imaginative concepts and innovative products that will make sure sustainable economic advancement we all go for through the Islamic economy environment.”.

The program for the second day of the International Innovative Platform for Islamic Economy Products 2015 consists of 2 workshops on ‘Cash-Financing Through Telecom Services: Providing liquidity to retails, advantages and difficulties,’ and ‘Endowment Bank: Establishing and structuring, chance and obstacles.’.

The event consists of elite roster of representatives, Dr. Khaled Bin Abdulaziz Al Janahi, General Advisor at the DIEDC; Prof. Seif el-Din Tag el-Din, Professor of Economics at Al-Imam Mohamad ibn Saud University; Dr. Fuad bin Abdullah Al Omar, Former General Manager of Zakat House and Deputy Minister at the Kuwait Government; Prof. Fahad Bin Abdullah Al Yahya, Professor in Department of Jurisprudence at College of Sharia and Islamic Studies; Mr. John A. Sandwick, General Manager at Safa Investment Services; Mr. Oliver Agha, Group Chief Counsel for Abdul Latif Jameel International; Dr. Mohammed Al Suhaibani, Professor at SABIC Chair for Islamic Financial Markets Studies at Imam University; Dr. Sami Al Suwailem, Head of the Financial Product Development Centre at the Islamic Development Bank; Mr. Michael Gassner, Head of Islamic Finance in a Swiss Private Bank; and Associate Professor Dr. Said Bouheraoua, Senior Researcher at International Shariah Research Academy for Islamic Finance.