Hamdan bin Mohammed directs the launch of the "Islamic Economy Award" as part of the upcoming Global Islamic Economy Summit in Dubai in November

Under directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum

Hamdan bin Mohammed:

His Highness Sheikh Mohammed bin Rashid Al Maktoum's vision has helped us realise the importance of nurturing a culture that promotes creativity and innovation in all sectors

Committing to the highest standards of innovation is a prerequisite to maintain the accomplishments and gains that have been attained over the past few years

The launch of the Islamic Economy Award highlights our commitment to enhancing and promoting the Islamic economy sector

Dubai, United Arab Emirates, 20 September, 2013 - Under directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, has endorsed the launch of the "Islamic Economy". The aim of the award is to acknowledge efforts made by business leaders in innovating the best solutions globally that comply with Islamic Sharia.

Commenting on the Islamic Economy Award, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said:

"The launch of the Islamic Economy Award highlights our commitment to enhancing and promoting the Islamic economy sector, in accordance with His Highness Sheikh Mohammed bin Rashid Al Maktoum's vision to establish Dubai as the Capital of the Islamic Economy. The Award also serves as testament to the role played by Dubai as the capital of the Islamic Economy initiative, in promoting this sector, through the launch of a series of strategic initiatives and programmes, which aim at incorporate the various entities and individuals involved in this sector."

"His Highness Sheikh Mohammed bin Rashid Al Maktoum's vision has helped us realise the importance of nurturing a culture that promotes creativity and innovation in all sectors, especially those directed at serving and further developing the business community. Therefore, committing to the highest standards of innovation is a prerequisite to maintain the accomplishments and gains that have been attained over the past few years," His Highness added.

His Excellency Mohammed Abdullah Gergawi, Chairman of the Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and Chairman of the Higher Committee for the development of the Islamic Economy sector, said:

"The launch of the Islamic Economy Award is in-line with Dubai's ambition to become the capital of the Islamic Economy while acknowledging efforts made by the leaders of the Islamic economy sector, and to act as a catalyst to further develop and grow this sector. The Award are also in-line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Office, to transform Dubai into the Capital of Islamic Economy globally.

"With the ever-increasing interest in the Islamic economy and growing need for its products and services, it is essential for us to acknowledge the contributions made by business leaders in this sector and shine a light on the role they have played in the development of this sector. The Award will also inspire other entities and individuals working in the Islamic economy to raise the competition levels amongst them and continue to work on further developing this field", His Excellency added.

The Islamic Economy Award in collaboration with Thomson Reuters will recognise a mix of regional and global leaders from 14 Islamic economy sectors - who have all demonstrated significant business and social impact. These categories are:

1. Islamic Microfinance (Government/ private sector/ Non-profit Islamic Micro-finance initiatives)

2. Halal Food (Agriculture, Ingredients & Manufacturing; Retail; Logistics; Research & Product Development and Food Services)

3. Waqf (Government Managed and Private Awqaf, Waqf Management Services)

4. Family Travel (Hospitality; Tourism; Meetings Incentives Conferences & Exhibitions (MICE); Healthcare and Hajj/Ummrah)

5. Sukuk (Corporate or Sovereign Sukuk issuing entities)

6. Halal Pharmaceutical and Cosmetics

7. Islamic Insurance (Takaful and re-Takaful)

8. Halal Media/ Entertainment (Shows, Publications, Social Media, Mobile Apps)

9. Islamic Commercial Banking

10. Halal Fashion/ Islamic Art (Clothing Brands, Fashion Designers, Artists)

11. Islamic Fund Management

12. SME Development (Technology & Innovation; VC Financing; Incubation and Training)

13. Islamic Economy Infrastructure (Research & Education)

14. Islamic Economy Infrastructure (Compliance &  Standardisation)

In addition, an overall Lifetime Achievement Award will be awarded to one distinguished individual. 

Meanwhile, His Excellency Abdul Rahman Saif Al Ghurair, Chairman, Dubai Chamber and Member of the Higher Committee for developing Islamic-compliant economic sector, views the Islamic Economy Award as a catalyst that will complement the on-going efforts to cement Dubai's position as Capital of the Islamic Economy, through supporting the culture of excellence and motivate businessmen and institutions alike, in a bid to flourish Islamic services, in addition to commending their successes and accomplishments.

His Excellency Al Ghurair added:

"The Award underlines the Emirates' commitment to act as a catalyst for the business community to introduce new Islamic products and enhance already existing products and services. The Award will also enhance investors' and the business community confidence levels in a work environment that promotes competitiveness and promotes innovation. It is without a doubt that we are able to introduce to the world a new and enhanced model of the Islamic economy, with Dubai as its capital, guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai."

Russell Haworth, Managing Director, Middle East and North Africa, Thomson Reuters said: "We are hosting The Global Islamic Economy Summit with the Dubai Chamber to highlight opportunities in the Islamic economy.  We see the Award as an important moment to recognise the individual efforts and progress being made within the Islamic Economy. By recognising the business leaders of the Islamic economy, we are not only acknowledging their efforts, but also inspiring a new generation of leaders to take the Islamic Economy forward."

Dr. Sayd Farook, Global Head of Islamic Capital Markets, Thomson Reuters, said: "The Islamic Economy reaches many people and businesses outside of the global Muslim community making it an important force for good in the macro economy.  This Award will recognise achievements within the Islamic ethos both in the Middle East and globally - highlighting the breadth and reach of the Islamic Economy for businesses around the world."

Nominations are now open and will close on 23 October 2013. For further information and to submit your nomination, please visit www.islamiceconomyawards.com

© Press Release 2013