World Summit on Islamic Economics in Dubai starting

Launched at the Madinat Jumeirah in Dubai on the activities of the third session of the World Summit on Islamic Economics in 2016, under the slogan «inspire change tomorrow prosperous» .braih Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai

Participants in the summit, organized by the Chamber of Commerce and Industry (DCCI) and a delegation from the Iraqi private banks association over two days, in collaboration with the Dubai Development Centre, told Reuters Islamic economics, more than three thousand of leaders and decision-makers, experts and specialists in various economic sectors, along with a group of academics in the largest universities and academic institutions in all countries of the world, to discuss ways to develop the Islamic sectors of the economy.

He said experts in Islamic finance in the press that the Islamic finance support financial stability in the world's remarks, stressing that the summit put Islamic finance, which is considered the most advanced and mature between the Muslim sector of the economy.

The backbone of the initiative «Dubai as a global Islamic Economics capital», in the UAE and the world today in front of a historic opportunity to make a development model sustainable modern state, especially because any Islamic finance - match in terms of well-design with the infrastructure and investment in the real economy financing.

This is among the experts forecasts indicate a decline of Islamic finance growth of up to 5% in 2017, in conjunction with the continued focus sector in the oil-exporting countries, and displays the balance sheets of Islamic banks in those countries to pressure, and the adoption of about 30% of their deposits on government deposits and associated entities , and despite the turnout of more international companies on Islamic financing instruments.

Experts stressed that the commitment to apply the principles of Islamic finance-backed real core assets, contributing to the alleviation of the recapitalization requirements of banks during periods of economic recession, and enhances the return on investment during periods of economic good performance.

He stressed Hisham Abdullah Kassim, Deputy Chairman and Managing Director, Emirates National Bank of Dubai and Chairman of Emirates Islamic administration that Islamic banks were able to enter into a successful partnership with individuals and institutions, relationships, and now accounts for a significant share of funding in the market.

This comes after it succeeded in identifying investment trends, and its scientific and accurate studies of the projects presented to it to avoid risks to all parties. And active Islamic banks are generally in the financing of projects to ensure that benefit the largest possible number of parties and for as long as possible to achieve many goals.

At the forefront of sustainability to be achieved through the incorporation of productivity to the rules, and to contribute to the solution of social problems, including job creation and the promotion of public services sectors.

For his part, Majid Saif Al Ghurair, Chairman of the Chamber of Commerce and Industry (DCCI), a member of the Dubai Centre for Management for the development of Islamic economics, that the World Summit on Islamic Economics goals «Tnjsm with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler Dubai Amir efforts to consolidate Dubai's position as an international Islamic economics as the capital.

It is one of the most important international conferences, most notably in attracting an elite group of leaders and decision-makers and experts from various countries around the world to discuss the latest developments in the various Islamic sectors of the economy and its components and discuss ways to push the development forward to contribute to the establishment of an economic model sustainable for future generations. ».

He added Al Ghurair: «This year's summit complemented by what has been achieved in the past years, they discussed topics keep pace with the rapid developments in various sectors of the economy, and seeks to develop a strategy to achieve the maximum possible use of the technical and technological developments in the world to raise awareness on a large scale over the role of Islamic Economics plans and its contribution to the development of sustainable solutions to overcome the challenges facing the global economy. ».



Standardization

He stressed Hussain Al Qemzi, CEO of Noor Bank, the need for standardization is still an impediment to the growth of Islamic finance globally, especially with the continued divergence of views about the compatible products with the law in the states, and this limits the capacity of the sector to grow at a faster pace. He added: «But at the local level, we have seen clear progress and the UAE is the most prominent examples.

Where the Council of Ministers recently approved the launch of a new legitimacy of the body, this will save a local regulatory body and one for the unification of the standards of Islamic finance products in the country.

This body also will oversee the Islamic banks, and this is no less important, as the lack of prudential regulations may form a weak point in the Islamic banking sector. Through this initiative, the government has ensured that the sector takes an important step towards achieving the goal of Dubai to become the global capital of Islamic economics. »

Qamzi pointed out that the other initiatives that can help to support the sector, is the application of Islamic laws. In the absence of a strong Islamic banking laws, the enforcement of the agreements in the courts may require greater efforts and incurring additional costs, but in case some appropriate modifications, this course will provide equal opportunities for Islamic banks.



Integrated system

For his part, Mohamed Amiri, Chief Executive Officer of Ajman Bank, the Islamic economy and Islamic banking sector is capable and qualified economist as an integrated system to achieve the comprehensive concept of sustainability.

He pointed out that raising the growth of banking and Islamic products and attract more customers ratios to support the continued strong demand for Islamic banking products are the main practical steps to activate the Islamic sectors of the economy where the innovation and competitive development of banking services are the most important pillars of enhancing the role of Dubai as a global Islamic economics as the capital and support the leadership of the State UAE assume the lead position in the Islamic banking sector.


For his part, Dr. Mahmoud Abdel Aal, CEO of Islamic prospects for financing the World Summit on Islamic Economics belonging to confirm to the world that sustainability is the most prominent feature of Islamic economics, and that «Dubai, capital of the Islamic economy» initiative was born strong and with it the elements of success.

And that the achievements of Dubai in terms of Islamic sectors of the economy in the short period of time but it is a realistic guide to the will and commitment majora of the emirate industry future, in response to the world's need for objectivity in the consolidation of a moral economy just ensures growth and preserves the sustainability and harmony with the publication of prosperity and equitable distribution of wealth.

He added: «World Summit on Islamic economics has become, since its inception, the global platform for researchers and scholars, and the Knights of the forensic work in order to be as much responsibility to bear the legitimacy of their duties through the exchange of creative dialogues.

And cooperation and joint action among themselves to overcome the challenges facing the growth of Islamic sectors of the economy, foremost of which is the development of Islamic jurisprudence and its tools. Today the summit back to the launch center in Dubai to focus on the role of Islamic economics in the face of development and its future challenges and stimulate growth, promote stability in the financial sector, which is a pillar of stability in all other sectors of the economy ».

Supporting stability



Said Mohamed Damak, global head of Islamic banking at Standard & Poor's Ratings Services said Islamic finance is able to support financial stability in the event of the application of principles of Islamic finance more strictly.

He added: For example, the sharing of profits and losses from one of the principles of Islamic finance, which need to be involved in any transaction also bear losses, not just profit-sharing. The application of this principle will contribute to the mitigation of the recapitalization of banks requirements during periods of economic recession.

Expectations

Damak predicted that growth falls in the Islamic finance sector to up to 5% in the year 2017. He added: «sector is still concentrated in the oil-exporting countries, and with the decline witnessed in oil prices exposed the balance sheets of Islamic banks in the Gulf countries to pressure. And

In relation to the banking liabilities, deposit base is still among Islamic banks rely on deposits from governments and associated entities (between 20 and 40% of the deposit base), with the adoption of a large portion of these deposits on revenues from oil, resulting in the decline in oil prices caused the slowdown in economic growth in the Gulf cooperation Council (GCC) to a decline in growth opportunities in some of these banking systems.

Just return

Mohammad Amiri said that the Islamic banking system in the UAE is one of the most sophisticated in the world sectors. He added: increasing reports show going on in the volume of Islamic investments aimed at optimizing the rate of economic growth, which he calls the Islamic banking system «fair return to all members of society from behind economic development» through the provision of financial resources and turn them into investments to support growth and Murabaha based on the diversification of investment.

http://economy-news.net/content.php?id=5360