The 2015 summit, organized by Dubai Chamber, the Dubai Islamic Economy Development Centre
(DIEDC) and Thomson Reuters
, is set to gather over 2,000 policymakers, thinkers and business leaders on 5 and 6 October 2015 at Madinat Jumeirah, Dubai, UAE.
Islamic Finance is considered the most developed sector within the various pillars of the Islamic economy. The growth in the global Shariah-compliant economy is broadly measured by the value of Islamic Finance assets. In 2014, Islamic Finance assets had an estimated value of $1.8 trillion, with Islamic Banking representing 74 percent of total Shariah-compliant assets, followed by 16 percent in outstanding sukuk based on ICD Thomson Reuters Islamic Finance Development Indicator (IFDI 2015). According to Thomson Reuters' projections, Islamic Finance is expected to grow to reach $3.2 trillion by 2020, with Islamic banking constituting $2.6 trillion of this figure.
The total number of Islamic financial institutions operating globally has reached 1143, divided between 436 Islamic banks/windows, 308 takaful institutions and 399 other Islamic financial institutions, such as financing and investment companies. Most of these Islamic Finance institutions are located in the GCC countries and Southeast Asia, while the others are distributed between other MENA countries, South Asia and other regions. Most Islamic Finance assets are held by Saudi Arabia, Iran, Malaysia and UAE.
As global acceptance of Islamic finance continues to grow, more corporates and non-Muslim sovereigns are announcing Islamic finance initiatives such as ethical or Shariah-compliant regulations, as well as products such as sukuk issuances. This increased appetite demonstrates that the market is attracted to the benefits surrounding the ethical principles of Islamic finance, linking finance to physical assets, productive fiscal activities and real economic growth.
One of the key morning sessions at GIES 2015 will discuss the importance and relevance of the Islamic economy's broader sectors to Islamic finance, featuring a debate by Tirad Al Mahmoud, Jamal Bin Ghalaita and Dr Adnan Chilwan, the respective CEOs of leading Islamic banks ADIB, Emirates Islamic and Dubai Islamic bank. The CEOs debate will be followed by one of the key sessions of the summit, covering how Islamic financial institutions have moved from niche to mainstream by being part of the global agenda. The session will discuss whether Islamic financial institutions can meet the needs of people who are financially excluded solely for religious reasons, and whether Islamic finance can act as a financial inclusion mechanism for non-Muslims.
GIES 2015 is taking place under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Featuring more than 60 international speakers across 15 sessions, the summit will offer comprehensive insights on the seven core "pillars" within the Islamic economy: Islamic Finance, Halal Industry, Family Tourism, Islamic Knowledge, Islamic Arts and Design, Islamic Digital Economy, and Islamic Standards. To register, visit www.giesummit.com/en/gie-summit/
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.
About Dubai Chamber
Established in 1965, Dubai Chamber of Commerce & Industry is celebrating its milestone anniversary of 50 years empowering vision in Dubai's business community. A non-profit public entity, Dubai Chamber supports Dubai's vision as a global player by empowering businesses, providing innovative value added services and access to influential networks. Its mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub. For more information visit: www.dubaichamber.comAbout Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to www.thomsonreuters.com.
Tarek S. Fleihan
Head, Corporate Communications & Public Relation
Middle East, Africa & Russia / CIS
Phone: +971 4 4536527
Fax: +971 4 3918333
Building No.1, Office 501
P.O. Box: 1426, Dubai Media City, Dubai, UAE
© Press Release 2015