03 May, 2016

Dubai Islamic Economy Development Centre Opens Submissions for Islamic Economy Award 2016

Dubai Islamic Economy Development Centre (DIEDC) announced the opening of submissions for the fourth edition of the Islamic Economy Award.

Dubai Islamic Economy Development Centre Opens Submissions for Islamic Economy Award 2016
03 May 2016
Essa Kazim: Award marks three years of Dubai's success in promoting Islamic economy globally

Dubai, UAE - Dubai Islamic Economy Development Centre (DIEDC) today announced the opening of submissions for the fourth edition of the Islamic Economy Award (IEA 2016) that will be given away during The Global Islamic Economy Summit (GIES) in October 2016. Submissions for all eight award categories will close on 31 July, 2016.

Launched in 2013 under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Islamic Economy Award - a key DIEDC initiative - seeks to recognise sharia-compliant innovative, world-class business concepts that contribute to the social and economic welfare of the community. Considered an international benchmark in promoting best practices in Islamic economy, IEA is organized by Dubai Islamic Economy Development Centre in cooperation with Dubai Chamber of Commerce and Industry. Thomson Reuters manages the Award.

His Excellency Essa Kazim, Secretary General of DIEDC said: "The upcoming fourth edition of the award marks the successful completion of three years of achievements of Dubai's vision to emerge as the global capital of Islamic economy. Launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Islamic Economy initiative has been driven to great heights under the guidance and direction of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council. The world is today witnessing a tangible shift towards ethical and responsible investments that best articulate the sustainable goals of Islamic economy."

Kazim said: "This year's award ups the ante with four new jury members from top Islamic countries such as Malaysia and Saudi Arabia helping to evaluate and shortlist the submissions on the basis of excellence and global relevance to the Islamic economy ecosystem. We aim to attract innovators and achievers from diverse categories that we believe make a crucial difference to the holistic development of the industry."

He added: "The fourth edition of the award marks another milestone in the journey of Dubai and the wider UAE to leverage excellence and innovation in shaping an economy beyond oil on a global level."

The four new members to the jury panel include Dr Mohammed Daud Bakar, Chairman of Shariah Advisory Council at Bank Negara Malaysia & Securities Commission (Malaysia), Jad Toubayly, Director of Fund Placement & Corporate Finance Division at Greenstone Equity Partners (UAE), Zulkifly Said, Director General of the Islamic Tourism Centre of Malaysia (Malaysia) and Abdullah Turkistani, Director of Islamic Economics Centre (Saudi Arabia).

H.E. Majid Saif Al Ghurair, Chairman, Dubai Chamber of Commerce and Industry and Board Member of the Dubai Islamic Economy Development Centre, said that the award provides a fitting platform to honour innovators in the various sectors of the Islamic economy while leading to the sustainable growth of the overall sector.

H.E. Al Ghurair said: "The award is a key component of Dubai's ambition to become a global capital of the Islamic economy which includes integrated sectors covering Islamic financial services, halal manufacturing and related lifestyle sectors. Therefore, honouring innovators who provide services and Islamic products will stimulate the sector while enhancing its reputation amongst the best global economic sectors. This award also affirms the Chamber's commitment to support and promote the emirate's goal of becoming a leader in the Islamic economy sector."

Hussain Al-Qemzi, DIEDC Board Member and Head of the Jury Panel, said: "Year-on-year it is heartening to note the growing standard of excellence of these submissions for the IEA. We invite individuals and organisations to submit their entries across the eight categories of the award that represent the diversification we aim to promote as a sustainable means to achieving prosperity and financial stability."

For his part, Abdulla Mohammed Al Awar, CEO of Dubai Islamic Economy Development Centre, said: "With the IEA we aim to highlight the abundant opportunities that Islamic economy sectors present to creative minds to shape the next era of economic growth. Over the past few years, the world has gained greater awareness and understanding of the Islamic economy ecosystem. We are confident the cultural shift will lead to a change of conventional habits and actions. Therefore, in many ways, the IEA is designed to serve as a game-changer in how we carry out economic transactions. We hope to see individuals and organisations submitting strong entries to this year's award in a way that can influence the shift to a meaningful economy and benefit the largest number of people on our planet."

In its first three editions, the Islamic Economy Award served as the anchor event for the Global Islamic Economy Summit (GIES). This practice will continue with the IEA 2016. The award complements the mandate of GIES through recognising initiatives that have contributed to the social and economic welfare of the Muslim population worldwide. The eight key categories of the Islamic Economy Award 2016 include:

  • Islamic Finance - Islamic microfinance, SME and venture capital financing, corporate or sovereign sukuk issuing entities, takaful and re-takaful, Islamic banking, and Islamic fund management

  • Food and Health - Agriculture, ingredients and manufacturing, retail, logistics, research, product development and food services, cosmetics, personal care, and pharmaceuticals

  • Media - Entertainment shows, publications, social media, and mobile apps

  • Hospitality and Tourism - Family friendly travel, meetings, incentives, conferences and exhibitions (MICE), medical tourism, and Hajj/ Ummrah

  • Waqf and Endowments - Innovative solutions, government managed and private awqaf/waqf management services, and cross-border waqf

  • SME Development - Technology, incubation, training, infrastructure and SME ecosystem development

  • Islamic Economy Knowledge Infrastructure - Research and educational institutions or initiatives, compliance and standardisation

  • Islamic Arts - Artists, architects, fashion and jewellery designers

    In addition, a 'Lifetime Achievement Award' will recognise an outstanding business leader for demonstrating inspired leadership while positively influencing the Islamic economy and making an impactful contribution to the sector.


    About Dubai Islamic Economy Development Centre
    Dubai Islamic Economy Development Centre (DIEDC) was established in December 2013 to transform Dubai into the 'Capital of Islamic Economy', as envisioned by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

    His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, supervises the efforts of the DIEDC and its Board to bolster Dubai's bid to become a global hub for the Islamic Economy, encompassing a wide array of sectors through harnessing the projected US$6.7 trillion Islamic economy market.

    DIEDC is equipped with the financial, administrative and legal tools to promote economic activities compatible with Islamic law in Dubai's goods and financial services sector, as well as the non-financial sector. In this capacity, it will conduct research and specialist studies to determine the contribution of sharia-compliant activities to the emirate's gross domestic product, and explore how to extend this contribution to boost the economy. DIEDC is also mandated to create new products and lines of service to law firms specializing in finance structuring."

    The Islamic Economy Award is adjudicated by an esteemed panel of judges based on formal established criteria. The criteria for evaluation is based on the nominees achieving Social, Geographical and Economic Impact as well as true innovation in the way they have positively impacted the Islamic Economy.

    Nominations for award categories are open to organizations and institutions (not individuals) active in any of the eight categories. Each application is reviewed by the judges, who score each criteria on a scale from 0-10.

    About Thomson Reuters
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    Thomson Reuters independently manages the administration of the award, ensure the nomination and scoring process follows the approved framework and methodology for the award.

    For more information please call:
    Ghada El Khoury
    APCO Worldwide
    Tel: +971 4 375 5247
    Mob: +971 55 804 5317

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