UAE in a strong position to lead Islamic economy’s growth: Sheikh Hamdan

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince, Chairman of The Executive Council of Dubai said that the UAE has acquired extensive expertise in the area of Islamic economy and has built a comprehensive fintech infrastructure that puts it in a strong position to become a global leader in the sector’s growth.

The Crown Prince attributed the success that Dubai has achieved in the sector to the progressive vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who laid the foundations for the Islamic economy sector to become an important pillar of the national economy.

Sheikh Hamdan’s statements came on the event of the declaration of the Global Islamic Economy State Report 2020-2021 results.

HH Sheikh Hamdan pointed out while speaking on the global effects of the pandemic that, the Islamic economy can lead the global economic recovery after the pandemic. His Highness emphasized the requirement to take account of emerging chances that can open up new economic ranges and help resolve the consequences of the pandemic for both the country and the world.

He called for increasing association networks with allies around the world and utilizing the ability of the ‘Dubai: Capital of Islamic Economy Initiative’ to draw investment and capital into the Islamic Economy market, which will, in turn, intensify the status of both Dubai and the UAE as major players in post-COVID-19 developing regional and global growth possibilities. The Crown Prince is the General Supervisor of the ‘Dubai: Capital of Islamic Economy Initiative’.

Global Islamic Economy Report 2020-2021

The Dubai Islamic Economy Development Centre (DIEDC) has announced the results of the Global Islamic Economy Report 2020/21, developed by DinarStandard, a US-based research and advisory company, in collaboration with Salaam Gateway, the largest news and media platform focusing on Islamic economy. The report, first released in 2013, serves as an annual update on the Islamic economy, covering the sectors of halal foods and beverages, Islamic finance and lifestyle.

In its eighth edition, the study estimates that Muslims spent $2.02 trillion on halal food, modest fashion, family-friendly travel, halal pharmaceuticals, halal cosmetics and halal media and recreation in 2019 under the theme ‘thriving in uncertainty.’ While the statistics represent growth of 3.2 percent year-on-year, expenditure is projected to shrink by around 8 percent in 2020 owing to the economic effect of the coronavirus pandemic.

However, expenditure across these sectors of the Islamic economy, excluding family-friendly travel is estimated to recover by the end of 2021 and is predicted to hit $2.4 trillion by 2024.