Dubai – MENA Herald: Supported by a host top-tier UAE-based institutions as sponsors, Dubai Chamber of Commerce and Industry, Dubai Islamic Economic Development Centre (DIEDC), and Thomson Reuters collaborate to launch the third instalment of the Global Islamic Economy Summit (GIES).

Bearing the theme “Inspiring Change”, the summit will take place on October 11 and 12, 2016, in Madinat Jumeirah, Dubai, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The two-day event will discuss several aspects of the Islamic economy amidst optimistic projections for its different sectors, and the impressive growth it has witnessed in the past several years.

His Excellency Majid Saif Al Ghurair, Chairman, Dubai Chamber, and Board Member of the Dubai Islamic Economy Development Centre, said: “We cannot but express our gratitude to our esteemed partners for the tremendous efforts they have dedicated towards the success of the Global Islamic Economy Summit 2016. Renowned institutions from various economic sectors all joined hands with us to bring the Summit to fruition, and, without their efforts, the event would not be the force-to-be-reckoned-with that it is today.”

Dr Mohammed Alzarooni, Vice Chairman and CEO of Dubai Silicon Oasis Authority, said: “GIES 2016 marks the third edition of this definitive event that articulates Dubai’s ambitions to emerge as the global capital of Islamic economy. DSOA is committed to actively participating in the growth of the emirate’s Islamic economy sector that plays a significant role in shaping its post-oil economy. As a hub for tech businesses, we are especially dedicated to support the area of digital Islamic economy, a focus of the mandate set by our wise leadership. Digital Islamic economy is a key driver of the growth we foresee for the larger Islamic economy sector, given its capacity to transcend geographical boundaries and initiate innovative solutions and products that are aligned to the principles of Islamic economy”.

Dr Alzarooni added: “We are also pleased to organize the second edition of DSOA’s Innovation 4 Impact Competition at the summit this year. This event reiterates our commitment to support technology start-ups, especially emerging Islamic digital economy entrepreneurs, from around the world. It will provide the innovators with an ideal platform to showcase their innovative ideas in the field.”

Speaking ahead of the landmark summit, His Excellency Tayeb Al-Rais, Secretary General of Awqaf and Minors Affairs Foundation (AMAF), said: “We are pleased to partner with the Global Islamic Economy Summit that has achieved great success in the last two years. GIES has significantly strengthened Dubai’s position in Islamic economy on the regional and international levels. It has also promoted the emirate’s status as a leading model in endowment management, as well as in charitable and humanitarian work. We hope this year’s summit will build on these strengths and further enhance cooperation between all experts and stakeholders to forge a brighter future for our coming generations.”

Moreover, Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank added: “The global Islamic finance sector continues its upward trajectory and is estimated to reach USD 5 trillion by 2020. Driven by geometrically increasing demand emanating from more than 1.5 billion core consumers which form its niche, it is fast becoming a critical component of the financial system in many other jurisdictions including those previously considered non-core or non traditional. Whilst significant progress has been made since the inception of Dubai Islamic Bank more than 40 years ago, further innovation and enhancements must continue if the sector is to reach its ultimate goal of becoming a viable norm rather than an alternative.

Commenting on ADIB’s support of the Summit, Tirad Mahmoud, CEO, ADIB said: ”In line with our efforts to initiate and support initiatives that strengthen the position of the home of the UAE as the global capital for the Islamic Economy, ADIB has been supporting the Global Islamic Economy Summit since its inception and we are looking forward to yet another successful event this year. We believe this summit is an ideal platform for the various pillars of the Global Islamic Economy to share best practice and discuss the latest developments locally, regionally and globally.”

At the top of the list of sponsors are two of the UAE’s leading banking and finance institutions: Abu Dhabi Islamic Bank (ADIB) and Dubai Islamic Bank (DIB). The renowned banks boast a far-reaching influence that crosses the borders of the Emirates, placing them among the world’s most prominent institutions operating in the Islamic finance sector.

The organising committee of the Summit distributed its partners into three distinct groups: Diamond, Gold, and Silver.

Diamond Sponsor, Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis (DSO), a wholly-owned entity of the government of Dubai that operates as an integrated free zone technology park for large enterprises, medium and small companies looking to set up their offices in Dubai. DSO is also home for Dubai Technology Entrepreneur Centre (DTEC), DSOA’s wholly owned technology incubation centre and the largest of its kind in the region. In less than one year from its official launch, DTEC has become home for more than 550 start-ups from 63 different nationalities.

The Gold Partner status, meanwhile, was awarded to Awqaf and Minors Affairs Foundation (AMAF), a Government of Dubai entity mandated with overseeing the welfare of nearly 2,400 minor children through the development and management of ‘waqf’ (endowment funds) that provides for their support and care in line with Shari’a principles. AMAF makes investments on behalf of the minors and disburses the proceeds, in line with a well-structured and ethical plan, vision and conscience.

The Gold Sponsor status went as well to Tawreeq Holdings, a group based out of both the UAE and Luxembourg offering comprehensive supply-chain finance for SMEs. What is more, Tawreeq developed the world’s first Shari’ah-compliant Trade Receivables Securitisation Platform. Concurrently, the committee named Fitch Ratings as Silver Partner. The internationally acclaimed statistical ratings organisation boasts dual headquarters in New York City and London.

In addition to the abovementioned key partners, Path Solutions joins the Summit as an Exhibitor. The company is a market leader in providing software solutions for the banking industry – ones that are tailored to be compatible with the specific needs of the Islamic finance industry.

A number of Media Sponsors will also be collaborating with the organising committee of the Global Islamic Economy Summit 2016. The list is made up of top-tier publications and media organisations with wide reach in the UAE and the wider Middle East region.