Technology

UAE-- November 23, 2016 - As part of the rewarding teamwork between Dubai Airport Freezone Authority (DAFZA) as well as the International Centre of Islamic Economic situation, the 'International Innovative Platform for Islamic Economic Products 2016' successfully concluded today (Wednesday, November 23, 2016) at the DAFZA Business Facility. The event, which kicked off on November 22, intended to support the on-going growth of innovative products and also more influence imaginative ideas to make sure growth in the global Islamic economy. Drawing in high regional and international rate of interest, the two-day occasion showcased the most recent developments in Islamic economics as well as showcased experts, trendsetters, and decision-makers from different federal government entities and financial and also banks. During the occasion, specialists shared their knowledge consequently innovation-based campaigns right into a major motorist of Islamic economic growth.

The 'International innovative Platform for Islamic Economic Products 2016' is in conformity with the goals of UAE Innovation Week 2016, a national initiative made to urge financial investments in innovation. Innovation has ended up being a major part of the UAE's integrated government system, socio-cultural atmosphere, and also public policies. The occasion saw the involvement of distinguished keynote speakers, that included H.E. Dr. Mohammed Al Zarouni, Director General of DAFZA; His Eminence Dr. Abdulrahman Bin Saleh Al-Atram, President of the International center of Islamic Economy FZE; and H.E. Abdulla Al Awar, Chief Executive Officer of Dubai Islamic Economic Development Centre (DIEDC).

Entitled 'Presenting Products,' the sessions on the first day highlighted the most up to date leading technologies in 'Awqaf Sukuk' and also 'Preference Shares and Sukuk' and have actually been graced by economists. They were made up of Dr. Said Bouheraoua, Senior Researcher at International Shar' iah Research Academy for Islamic Money; H.E. Tayeb Al Rais, Secretary General of the Awqaf and also Affairs Foundation; Husain Benyounis, Secretary General of Awqaf New Zealand; Jack Nichols, Managing Associate in Linklaters' International Administration as well as Development Practices; Prof. Mohammed Al Suhabani, Professor at SABIC Chair for Islamic Financial Markets Studies Imam Muhammad ibn Saud Islamic University; Prof. Dr. Osaid Mohammed Kilani, Global Head of Shar' iah at Abu Dhabi Islamic Bank; Dr. Nader Naifar, Associate Professor of Finance at Al Imam Muhammad ibn Saud Islamic College; as well as Ayman Al-Ateeqi, a partner in a Venture Capital Fund. Two workshops on 'Awqaf Sukuk' as well as 'Preference Shares and also Sukuk' were hung on the 2nd day labelled 'Execution, Financing Opportunities and also Preparation' and also 'Advantages, Challenges Establishing and also Structuring,' respectively.

Dr. Al Zarouni said that the second edition maintained the first edition's amazing success. The event is an important platform to check out new and also innovative products designed to own the Islamic economic system. He mentioned that DAFZA, along with the International Centre of Islamic Economy, continues to be fully commited to the regulations of the nation's sensible leaders in terms of promoting innovation, scientific research and knowledge, along with accelerating Dubai's transformation right into a global capital of Islamic economic climate.

He added: "Through our global platform, we intend to motivate investments in imaginative ideas created to sustain the development of local economic and also banking services and products inning accordance with Shari'a law. The event has actually reinforced cooperation, integration and sychronisation between the general public and also private sectors. In addition, we reaffirm our keenness to add to the nationwide initiatives to put Dubai and the UAE on the global Islamic economic map. This is under the support as well as sensible support of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and also Prime Minister and Ruler of Dubai, that aims to make the Islamic economic situation a vital factor to the nation's financial diversity plan to prepare for a sustainable, innovative, as well as knowledge-driven post-oil era."

For his part, H.E. Dr. Abdulrahman Al Atram, stated: "The occasion's very successful first version has made the 'International Innovative Platform for Islamic Business economics Products' an essential pillar of innovation. It has actually become an incorporated technique to bring the Islamic economic climate to the next level of growth as well as prosperity by using innovation as a tool to get over obstacles despite constructing an incorporated and sustainable economic situation."

" We more than happy to partner once more with DAFZA, one of the world's most ingenious cost-free areas, to create an interactive communication platform for decision-makers, government authorities, as well as executives of financial as well as financial institutions. Both sides intend to create a details device to influence pioneers to develop new ideas and also create distinct services and products, make it possible for the global economy to stay on par with the fast global adjustments, as well as add to the ambitious national advancement goals. We are identified to press forward the country's global leadership in creating campaigns as well as applications developed for the global Islamic economic climate," he added.

H.E. Abdulla Mohammed Al Awar, CEO, Dubai Islamic Economic situation Development Centre, stated: "Innovation in Islamic economics is the driving pressure behind a lot more effective economic purchases between individuals and also in between various systems. Today, the International Cutting-edge Platform for Islamic Economy Products is regarded as a leading platform for reinforcing self-confidence in the capacity of Islamic economics to accomplish its mission, which has actually ended up being a consistent need among many individuals around the world. In envisioning the provision of a decent life for all based on the principles of justice and also equality, the Islamic economic climate has confirmed that it can creating, increasing and also accomplishing its advancement goals, as long as the celebrations included increase their efforts to cultivate a culture of innovation in all particular markets. The Islamic economic situation has come to be an abundant ground for the growth of innovative and responsible concepts more than any other type of economic climate, as a result of its ability to create appealing possibilities through its different industries, consisting of manufacturing, the digital economic climate, and the halal banking, arts, developing and tourist."

Mohammed Qasim Al-Ali, CEO, National Bonds, claimed: "There is an immediate need to nurture a society of innovation among today's young people that will be responsible for developing the Islamic finance and investments sector which has confirmed its capability to offer sustainable solutions to economic obstacles as well as make certain financial protection. The International Innovative Platform for Islamic Economic climate Products will certainly play a critical role in highlighting the huge capacities of the Islamic economic climate and also establishments involved in the advancement of the Islamic economic market. We are completely committed to proceeding our initiatives to foster a Sharia-compliant investment and also financial savings society. We have actually currently produced several effective products that have assisted people as well as institutions handle their funds as well as resources according to their unique needs and aspirations. Rest assured that the Islamic economic culture remains flexible and also highly responsive to current and future changes.

Participants were also introduced to 'Awqaf Sukuk,' a product created based upon an ingenious and also extremely specialist viewpoint that is consistent with the human growth approach and also Shari'a regulations. The new product is considered an incorporated strategy to promote Awqaf as well as other social projects. The idea of 'Awqaf Sukuk' is aimed in the direction of gathering funds from issuance, which might be 'permanent or temporary' money waqf. The product 'Awqaf Sukuk' is structured in accordance with the requirements of social and developing projects as well as the demands of monetary market authorities. The product supports the recurring initiatives to deal with the expanding need to innovate as well as create brand-new financial devices in the Awqaf market, in conformity with worldwide financial market requirements.

During the occasion, individuals were also acquainted with the 'Preference Sharesand Sukuk' product, which follows Islamic Sharia law as well as is established to assist attract brand-new capitalists that have different choices or assumptions on profits as well as risks, in comparison with ordinary shareholders. The product does not harm the civil liberties of common shareholders when it involves earnings or control of the firm in comparison with issuance of brand-new normal shares, yet it rather intends to attain the target income rate with lesser dangers by raising investor involvement in company profits till firm earnings reaches a level which it can achieve target rate and after that their engagement percent decreases respectively.

The 'International Innovative Platform for Islamic Business economics Products 2016' is sponsored by the National Bonds and sustained by Dubai Islamic Economic situation Development Centre (DIEDC), Islamic Development Bank (IDB), SABIC Chair for Islamic Financial Markets Studies, Awqaf New Zealand as well as ISRA Consultancy. The head office of the International Centre of Islamic Economic situation is located at DAFZA, as part of a calculated partnership to establish as well as advertise products and services particular to Islamic economic situation and add to the efforts of helping make Dubai the Resources of Islamic Economy. The first version of the 'International Ingenious Platform for Islamic Economic Products' brought in greater than 300 leading financial and also financial experts, decision-makers, as well as federal government officials, every one of whom developed a collection of devices to make sure that imaginative concepts would assist own growth in the global Islamic economy.

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