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Jan 27 2013

Dubai introduces Islamic categorisation for company registration

Sunday, Jan 27, 2013

Dubai:

The Department of Economic Development in Dubai (DED) is developing the Islamic-compliant standard to classify or categorise the registered businesses in Dubai, Mohammad Al Shael, CEO of Business Registration & Licensing Sector at DED, told Gulf News.

“The department is developing an official standard for Islamic-complaint companies as part of the required infrastructure to make Dubai the world’s Islamic-complaint economic capital.”

Earlier this month, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, launched a new initiative that would make Dubai a global capital for the Islamic economy.

While Dubai has almost of 300,000 registered companies, Al Shael added that it will be left to the business owners to re-categorise their companies as either traditional of Islamic companies. “However, all new companies will be subject to one of these choices at the time of registration.”

Al Shael said: “Currently, we benchmark with countries such as South Africa, Malaysia and Brazil who have NGOs based on Sharia-complaint economy to develop an official standard for Islamic business activities in Dubai.”

He also remarked that the department will designate a special team to monitor if these Islamic business are abiding by the rules and regulations.

“This legal framework will enhance trust in Dubai Islamic products,” he added

By Zaher Bitar Senior Reporter

Gulf News 2013. All rights reserved.


© Copyright Zawya. All Rights Reserved.


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