• Skip to main content
  • Skip to after header navigation
  • Skip to site footer
The Halal Times

The Halal Times

Global Halal, Islamic Finance News At Your Fingertips

  • Home
  • Regions
    • Latin America
    • North America
    • Europe
    • Africa
    • Central Asia
    • South Asia
    • Australia
  • Marketing
  • Food
  • Fashion
  • Finance
  • Tourism
  • Economy
  • Cosmetics
  • Health
  • Art
  • Halal Shopping

WIEF: Islamic Economy Has A Larger Role To Play

inter-relations
2014-11-02 by Hafiz M. Ahmed

inter-relationsWIEF annual meeting in Dubai rightly focuses on ways to build global human ties across cultures

The rapidly growing power of the Islamic economy was on show last week in Dubai when more than 3,200 delegates to the 10th annual meeting of the World Islamic Economic Forum (WIEF) looked into a huge range of practical steps to make the Islamic markets more liquid and transparent, as well as more interactive with the non-Muslim world. Financial authorities in Dubai are taking the lead in helping to define internationally accepted norms and regulations, which would greatly increase the Islamic economy’s liquidity and stability.

It was remarkable how many non-Muslims were at the meeting and willing to participate and discuss how to make it easy for Islamic finance instruments and institutions to work within the non-Muslim economies. For example, there was a lively discussion on how banks should be able to treat sukuks under the Basel III regulations and thus affect their liquidity and capital ratios. There were several statements from non-Muslim states like Britain, Hong Kong and Singapore that used Islamic instruments to raise finance for their own purposes.

Dubai has made being a capital for the Islamic economy an integral part of its overall vision of becoming a major global hub. The vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is to unlock the potential of the Islamic economy and help the region and the UAE by making Dubai pre-eminent in Islamic business and finance.

The WIEF also emphasised the Muslim values of understanding and tolerance and many speakers described how the growing Islamic economy has a significant part to play in alleviating some of the world’s major development problems in order to improve prosperity and stability for all of mankind. The annual meeting stressed the need to promote a more tolerant environment in which equitable partnerships and mutual growth can happen and the importance of business partnerships in building genuine global human relationships across cultures. It also highlighted the need to invest in natural and human resources development, so as to support nations integrating regionally and globally to promote economic growth across the world.

Originally published on http://gulfnews.com/

Author

  • Hafiz M. Ahmed

    Hafiz Maqsood Ahmed is the Editor-in-Chief of The Halal Times, with over 30 years of experience in journalism. Specializing in the Islamic economy, his insightful analyses shape discourse in the global Halal economy.

    View all posts

Like this:

Like Loading...

Related

Previous Post:Dubai Seeks To Standardise Halal Certification Process At National Level
Next Post:Dubai: National Bonds Wins ‘Best Islamic Savings Product for 2014’ AwardNational bonds

Reader Interactions

Leave a Reply Cancel reply

You must be logged in to post a comment.

Sidebar

  • LinkedIn
  • X
  • Facebook
  • Instagram

The Halal Times

The Halal Times, led by CEO and Editor-in-Chief Hafiz Maqsood Ahmed, is a prominent digital-only media platform publishing news & views about the global Halal, Islamic finance, and other sub-sectors of the global Islamic economy.

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • YouTube

News

  • Home
  • Halal Shopping
  • Food
  • Finance
  • Fashion
  • Tourism
  • Cosmetics
  • Healthcare
  • Marketing
  • Art
  • Events
  • Video

Advertise

  • Advertise With Us
  • Zakat Calculator
  • Submit News
  • Subscribe

About

  • About
  • Write For Us
  • Contact Us

Copyright © 2025 · The Halal Times · All Rights Reserved ·

%d