Dubai Culture and Arts Authority (Dubai Culture) to participate in the Turin Islamic Economic Forum (TIEF)

Under the title: 'Creating a Holistic Environment for the Islamic Economy', Hala Badri, Director General of Dubai Culture will give a special address on the opening day

Hala Badri, Director General of Dubai Culture and Arts Authority

Hala Badri, Director General of Dubai Culture and Arts Authority

  • TIEF promotes social integration and financial innovation through the opportunities offered by Islamic finance
  • In its fourth edition, the event increases good relationships between Italy and the world of Islamic finance.

Dubai, UAE: - Hala Badri, Director General of Dubai Culture and Arts Authority (Dubai Culture) will give a special address to audiences gathered at the Turin Islamic Economic Forum (TIEF). Her keynote speech, directed at the start of the first day conference will focus on the city of Dubai as an enabler for creative economy.

TIEF is a three-day event featuring eight sessions with insights and debates, three exclusive interviews and 46 speakers including public administrators, researchers and university teachers, entrepreneurs and finance experts.

The Forum will also host two round-tables powered by the "Global Islamic Economy Summit" (GIES), the global event organized by the Government of Dubai through the Dubai Islamic Economy Development Center (DIEDC). In Turin, representatives of the Dubai Culture and Arts Authority, the United Arab Emirates University, the Dubai Airport Free zone Authority (DAFZA), the Halal Trade and Marketing Centre (HTMC) and the Etihad Credit Insurance will gather to discuss the global Islamic economy. Currently, the UAE holds the second position worldwide in the Islamic Economy Indicator and plays a core role in global economic Islamic industries. Globally, the creative economy is worth roughly US$2 trillion annually and is steadily increasing – a significant and growing portion of which is Islamic-oriented economic activity. As well as modest fashion, the creative economy includes a wide-range of industries including advertising, architecture and design, digital technology, and arts and entertainment.

The exclusive interviews taking place at TIEF are with: the Italian Vice-Minister for Economy and Finance Laura Castelli; Massimo Lapucci, Secretary General Fondazione CRT, Managing Director OGR Company and Chair of the European Foundation Centre (Bruxelles); and Giovanni Curatola, archaeologist and Islamic art historian. There event will also host a full day dedicated to academic presentations of Islamic financial concepts.

The Forum – organised by the City of Turin, in partnership with the University of Turin, the Turin Chamber of Commerce, the Association for the Development of Alternative Instruments and Financial Innovation (ASSAIF), with the organisational support of Turismo Torino e Provincia – aims at promoting social integration and financial innovation through the opportunities offered by Islamic finance. It is also keen to generate opportunities, share best practices and create useful conditions to attract investments into Italy by the UAE and other countries where Islamic finance plays a decisive role for economic development.

The Mayor of Turin, Mayor Chiara Appendino said: “The path chosen by Torino towards the economic development, the relations with institutions and companies, and the cultural exchanges, crosses, with mutual advantages, is the path along which institutions and companies of Islamic countries move.” She added: “It is an encounter that is undoubtedly profitable, which finds in the Turin Islamic Economic Forum, now at its fourth edition, an important opportunity to scale the investment and collaboration opportunities between institutions and companies in our territory and in the world of Islamic finance.”

According to the Mayor: “the inclusion in the TIEF 2019 programme of topics related to technologies with large development opportunities that are also compliant with Islamic finance, and other subjects such as new urban policies, social-impact policies, and the Islamic creative economy makes this edition even more interesting for Torino, a city that has infrastructures, research centres and expertise that play the role of urban laboratory for the experimentation of innovative products with a social impact.”

Hala Badri, Director General of Dubai Culture said: “Islamic finance cannot be isolated only to economics; it infiltrates all aspects of our identity and, as such, affects the very culture from which we operate. It is important for me to address the holistic nature of Islamic finance at TIEF and to explain how our cultural ecosystem is built upon this model. I would like to thank the City of Turin for this wonderful opportunity.”

TIEF 2019 will gather from 28th to 30th October at the Torino Incontra Conference Centre and at ETF-Villa Gualino in Turin, Italy. It will revolve around the following topics: Fintech, Blockchain, Artificial Intelligence: all disruptive technology that, in their essence, are compliant with Islamic finance; New Urban Policies; Social Impact Policies; Islamic Creative Economy and related expertise, Migration and Refugees Policies.

According to the Islamic Finance Development Report 2018 (Thomson Reuters, 2019), the Islamic finance sector is constantly expanding. Both Muslim- majority and Muslim-minority countries have recognized the potential of this sector, with banks and governments encouraging Islamic finance to improve financial inclusion. In addition to the usual sectors of the Islamic eco-system such as food, fashion, cosmetics, travel and entertainment, there is a further propulsive growth in the Islamic FinTech sector with over 93 start-ups. The turnover of Islamic assets has exceeded 2.5 trillion dollars in the world and is set to grow considerably, especially in Europe, where many Muslim professionals live. In the food sector, Muslims spend $ 1300 billion; followed by clothing ($ 270 billion), media and entertainment ($ 209 billion), travel ($ 177 billion), pharmaceutical and cosmetic ($ 87 and $ 61 billion respectively).

The TIEF already has three successful editions to its credit – 2014, 2015 and 2017 – that have encouraged meetings and networking with companies and institutions in the major cities of the Middle East. In particular, the events allowed local companies to enter into industrial and supply agreements with companies in the Gulf area, and to public institutions and Italian research centres to interact with the most important players in the Islamic finance and economics environment.

Vincenzo Ilotte, President of the Turin Chamber of Commerce commented: "The interchange between Piedmont and the 10 most important Islamic finance countries reached in 2018 a value in excess of 4 billion and 680 million euros. These are very different markets, with specific needs and excellent opportunities for our companies in various sectors, from automotive and transportation to food, from mechanics to textiles. In addition to the TIEF 2019, to learn more about these countries and to seize the opportunities they offer, we are planning in 2020 a Turkey Forum with the organization of BtoB meetings between companies and Turkish buyers, and an appointment dedicated to Malaysia and Indonesia, countries of particular importance for us in the area of South-East Asia”

Strategic international supporters of the summit include the Dubai Islamic Economy Development Centre (DIEDC), a UAE-based initiative mandated to follow up the spread of the Islamic economy and oversee the transformation of Dubai into the global capital of the Islamic economy. Participants include Saeed Mubarak Kharbash Al Marri, Deputy CEO of Strategy and Planning at DIEDC. Speaking of the Forum, he said: “The Islamic economy does not cater only to Muslims, but to any individual who is intent on leading a lifestyle that is healthy, environment and animal friendly, as well as sustainable. Through globally accepted methods and standards, the Islamic economy’s sectors guarantee sustainable end-products. At DIEDC, we are keen on participating in the TIEF as we have an ongoing partnership with the Municipality of Turin and ASSAIF to grow the ethical and responsible activities represented by the Islamic economy globally. We are also keen to participate in TIEF gatherings, where we meet with industry peers, to collaborate and coordinate our steps, for the advancement of the Islamic economy framework worldwide.” He added: We were delighted to welcome Her Excellency Chiara Appendino, Mayor of the Municipality of Turin, at GIES 2018 that was held in Dubai during October last year. We are delighted to return her gracious visit with our participation at the Turin Islamic Economic Forum. We look forward to contributing to the conversation for a universally beneficial outcome.”

Dubai Culture aims to enhance Dubai’s cultural scene and draw attention to the UAE’s rich heritage. The Authority’s mandate is to build bridges of constructive dialogue between different civilisations and cultures to enhance Dubai's position as a creative and sustainable global city for culture, heritage, arts, and literature, with the aim to empower these sectors by developing creative and innovative projects and initiatives locally, regionally, and globally.


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