4th Global Islamic Economy Summit to explore future trends of global Islamic economy

United Arab Emirates, October 9, 2018

(WAM) -- Policymakers, industry heavyweights, economists, prominent CEOs and business leaders from around the world will share their insights and predictions on key trends that are expected to reshape the future of the global Islamic economy when they gather in Dubai for the 4th Global Islamic Economy Summit (GIES 2018).

Dubai Chamber of Commerce and Industry and the Dubai Islamic Economy Development Centre (DIEDC) are organising the high-level summit in cooperation with Thomson Reuters as a Strategic Partner from 30trh to 31st October, 2018.

The first plenary session at GIES 2018 entitled, The Islamic economy in a distributed, digitalised and decentralised world: Blockchains, cryptocurrencies, marketplaces and digital identities, will assess whether the Islamic economy’s move towards digitisation will make it more easily adaptable to the technological disruptions we witness today. The second plenary session of the day will examine the implications of China’s Belt and Road Initiative for various Muslim countries in terms of trade, investment, economic partnerships and new business opportunities.

A panel discussion on Islamic fintech will be held where industry experts and business leaders will explore how innovative products such as digital banking, payment solutions, robo-advisory and digital currencies are becoming important Shariah-compliant options for Islamic banking. During the session, speakers will share their outlook and thoughts on the Islamic fintech sector and the emergence of new solutions in this space.

Majid Saif Al Ghurair, Chairman of Dubai Chamber and Board Member of DIEDC, said: 'The fourth edition of the Global Islamic Economy Summit offers an unrivalled line up of industry leaders, global experts, key stakeholders and decision makers who will share their valuable insights, which will provide more clarity on the state of the global Islamic economy. GIES 2018 will facilitate an open, constructive and global dialogue on important matters and actions that need to be taken to ensure the Islamic economy’s future growth.'

Al Ghurair noted that Dubai, as an entrepot connecting cultures and economies, is already well-recognised as a preferred hub for leading companies operating within halal industries. He added that the two-day summit provides businesses with an ideal platform to network, share knowledge, collaborate and explore new growth opportunities.

For his part, Abdulla Mohammed Al Awar, CEO of DIEDC, said: 'The growing uptake for Islamic economy around the world, and the increased contribution of its various sectors to the global economy, calls for a closer look at new areas of development. In order to meet this rising demand for sharia-compliant products and services, the public and private sectors need to ensure a certain level of readiness and competence.'

He added: 'The State of the Global Islamic Economy Report 2017/18 estimated Muslim spend across food, beverage, and lifestyle sectors at US$2 trillion in 2016, accounting for 11.9 per cent of global expenditure. With spending expected to reach US$3 trillion by 2022, the fourth Global Islamic Economy Summit is the world’s premier forum to discuss our readiness to manage this growth.'

To be staged under the theme 'A Shared Future,' GIES 2018 is expected to welcome more than 3,000 attendees. The third edition of the Global Islamic Economy Summit, held in 2016, attracted the participation of nearly 2,500 dignitaries, officials and business leaders from 74 countries.