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First global incubator for innovation in Islamic economy kicks off in DAFZA


28/06/2016 Facebook Twitter LinkedIn Google+ Free Zone News


The global Islamic economy is worth more than $6.7 trillion

Dubai: The International Centre of Islamic Economy, headquartered at Dubai Airport Freezone Authority (DAFZA), said on Wednesday it has launched a portal of the ‘Oasis of innovation’ dedicated to incubate creative ideas to make products on Islamic finance.

“The objective would be to develop services (in finance and investment institutions) and programmes and applications in the economy,” Sultan Al Howymel, member of founding committee, International Centre of Islamic Economy, told reporters.

“The advisory team in the centre would ensure to build the idea with the right goal. Before that we would have an evaluation team, which will evaluate the financial and legal aspects,” Al Howymel said. “The ideas would be received from public and portal is one of the mediums through which registration could be done.”

Transformation:

The portal aims to ensure the transformation of creative ideas and ambitious projects into practical products that support the Islamic economic growth process and fulfilling the objective of Dubai as the capital of the Islamic economy.

“We are confident that the portal will drive efforts to disseminate the best practices and offer the latest advisory services in support of the development of Islamic products and services conforming to the highest standards of excellence,” Dr Mohammad Al Zarooni, Director General of DAFZA, said in a statement.

The global Islamic economy is worth more than $6.7 trillion and the Islamic finance market is worth $1.81 trillion, led by banking and takaful assets. Commercial banking contributes to about $1.34 trillion, while $33.4 billion is contributed by takaful insurance, and sukuks contribute to about $295 billion of the world’s Islamic finance market. The Islamic finance market is set to almost double to $3.25 trillion by 2020.