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Sunday, 23 December 2018

Dubai Eyes Islamic Economy Growth to Reach 10% of GDP by 2021

23 December 2018 (Zawya)

The emirate of Dubai is looking to increase the Islamic economy’s contribution to its gross domestic product (GDP) to 10% by 2021, a top official at the Dubai Islamic Economy Development Centre (DIEDC) has said. The Islamic economy’s contribution to GDP currently stands at 8.3% in 2018. 

“A specific goal would be to [increase Islamic economy’s contribution to GDP] through efficient use of modern technology,” DIEDC director general Essa Kazim said in a statement. 

The move comes as part of the DIEDC’s fiveyear strategy through which the centre aims to bolster three main sectors of the Islamic economy, including Sharia-compliant products and services. Under the five-year strategy launched in 2017, the DIEDC will focus on increasing knowledge, industry standards, as well as the use of digital technologies across the sectors of Islamic finance, halal products, and Islamic lifestyle such as fashion and tourism. 

In 2018, the emirate of Dubai set the world record for the highest value of Islamic bonds, or sukuk, listings in a year, having registered $60 billion, according to the Dubai Economic Report 2018.

23 December 2018 (Zawya)

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