Dubai to Set Up Islamic Economy Development Center

Date:

difc1NEW BODY TO BOOST DUBAI AS CENTER OF ISLAMIC FINANCE, SHARIAH-COMPLIANT GOODS, SERVICES 

DUBAI, Dec 17 — His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, has issued Law No 13 of 2013 on the establishment of the “Dubai Islamic Economy Development Center”.

He also issued Decree No. 42 of 2013 to form the Center’s Board of Directors, to be chaired by Mohammed Abdullah Al Gergawi.

According to the provisions of the decree, the Board of Directors will comprise: Sami Daen Al Qamzi as Vice Chairman, with the board membership of Abdul Aziz Abdullah Al Ghurair, Hussain Nasser Lootah, Dr. Hamad Al Shiebani, Abdul Rahman Saif Al Ghurair, Hussein Daen Qamzi, Helal Saeed Al Marri, and Isa Abdul Fattah Kazim, who is appointed as Secretary General of the Center as stipulated in article Two of the decree, in addition to his membership post on the Center’s Board.

The decree is effective from the date of issuance and shall be published in the official Gazette.

Law No. 42 of 2013 details the basic objectives of the Center, which will have legal personality and financial and administrative independence as well as the legal capacity necessary to direct all actions and behaviors to achieve the goals of the Center, including promotion of the Emirate of Dubai to become the global capital of Islamic economy, promotion of economic activities compatible with Islamic law in goods and financial services sectors, as well as the non-financial sector as a main pillar on which the economy of the Emirate is based.

Promoting Dubai regionally and globally as a main center for Shariah-compliant goods and financial and non-financial services, building a database on Islamic economic activities and encouraging recourse to arbitration in related Islamic economic activities disputes are also among the key objectives of the Center.

The law specifies the terms of reference of “Dubai Islamic Economy Development Center” which includes drawing up the Center’s general policy and setting up strategic plans for the development of the sector in the Emirate, in addition to developing comprehensive and unified standards to judge the extent to which any commodity or financial service or otherwise complies with the provisions of Islamic law and promoting these standards locally and globally.

The specializations of the Center also include the creation of a system to endorse compatibility of products, commodities and financial and non-financial services with standards adopted by the Center and issuing necessary certificates in this regard.

The Center will, among its other specializations, conduct specialized studies and researches on Islamic Economy, determining the extent of Shariah-compliant economic activities’ contribution to the GDP of the Emirate, and how to develop them to achieve the objectives of the Center.

Moreover, the Center shall, within its terms of reference, launch Islamic economy awards and programs and oversee them in accordance with the Board’s decision, establish or contribute to the establishment of companies and investment projects related to the objectives of the center, as well as coordinating with various local and federal agencies in areas of relevance. Coordinating with centers and bodies, associations and local, regional and international organisations and concluding agreements and Memorandums of Understanding are among the other objectives that support of the goals of the Center.

Law No. 42 of 2013 specifies the specializations of the Board of Directors of the “Dubai Islamic Economy Development Center,” including the design and development of the Center’s general policy and supervising its implementation, adoption of strategic and development plans related to the board’s work , adopting of programs and initiatives needed to implement its policy and its strategic and development plans.

Moreover, the center aims to  ratify administrative, financial and technical rules and regulations related to the organisation of work at the Center and its organisational structure, as well as endorsing of the annual budget and final accounts, and submitting  them all to Dubai Crown Prince for approval, in addition to  the formation of permanent and temporary committees and specialized work teams and determining their functions and powers in a manner that contributes to the achievement of the objectives of the Center.

With regard to the executive apparatus, the law stipulates that the executive apparatus consists of an executive director who shall be appointed by a decision issued by the Crown Prince of Dubai, in addition to a number of administrative, financial and technical staff.

The law also details the terms of reference of the Executive Director, which include proposing policies and strategic development and operational plans, as well as initiatives and programs that will achieve the goals of the Center, all of which are to be submitted to the board in coordination with the Secretary-General.

Moreover, the Executive Director will be responsible for proposing administrative, financial and technical draft rules and regulations to organize work in the Center, and submit them to the Board for approval. He also bears the responsibility of developing plans needed to implement the general policy of the Center and work programs approved by the board of directors and follow up their implementation.

The appointment of technical and administrative personnel necessary to conduct business at the Center according to the Center’s regulations and bylaws, as well as preparation of periodic reports on the implementation of approved policies and strategic plans and programs and submitting them to the Board of Directors through the Secretary-General are among the other responsibilities to be carried out by the Executive Director.  The law is effective from the date of issuance and shall be published in the Official Gazette.–Wam

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Clarion India - News, Views and Insights about Indian Muslims, Dalits, Minorities, Women and Other Marginalised and Dispossessed Communities.

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