Dubai unveils Plans for Islamic Economy

Dubai: Ruler of Dubai Shaikh Mohammed bin Rashid al-Maktoum has appointed crown prince Shaikh Hamdan bin Mohammed bin Rashid al-Maktoum as the head of the council to oversee the development of the Islamic economy in the emirates. The Ruler unveiled plans on January 10, what the Khaleej Times termed as ‘turn Dubai into an Islamic economy capital of the world’. Shaikh Mohammed said the Islamic economic principles played a growing significance in today’s global business environment with its size reaching $2.3 trillion. The initiatives include the development of commercial standards for Islamic industries and guidelines for Halal food manufacturing, Islamic insurance, Islamic contracts arbitration, and Islamic quality management standards.