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Second Day of the Global Islamic Economy Summit highlights Dubai’s potential to be the Centre of the Islamic Economy

United Arab Emirates' Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum (3rd R) and Thomson Reuters President and Chief Executive Officer James Smith arrive for Global Islamic Economy Summit 2013 in Jumeirah November 25, 2013.

United Arab Emirates’ Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum (3rd R) and Thomson Reuters President and Chief Executive Officer James Smith arrive for Global Islamic Economy Summit 2013 in Jumeirah November 25, 2013.

Following a successful inauguration day, the Global Islamic Economy Summit resumed on Tuesday with a full-day programme of debates, lively exchanges and networking opportunities at Madinat Jumeirah in Dubai.

Jointly hosted by Thomson Reuters and the Dubai Chamber of Commerce and Industry under the patronage of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the summit attracted high-powered keynotes and provided stimulating exchanges, encouraging delegates to exchange views on industry critical topics and enabling them to further their understanding of the Islamic Economy as a new paradigm that will be driving global growth for years to come.

The second day of the Summit opened with a dynamic ‘CEOs Debate’ that sparked stimulating dialogue on the concept of Islamic Finance in a session entitled “Islamic Finance – Banking on Emotions or Merit?” Led by Tirad Mahmoud, CEO of ADIB, the debate provided perspectives from Dr Adnan Chilwan, CEO, Dubai Islamic Bank; Hussain Al Qemzi, Group CEO, Noor Investment Group and CEO, Noor Islamic Bank; Mohammad Suleiman Al Omar, CEO, Kuwait Finance House; and Rafe Haneef, CEO, HSBC Amanah.

Thomson Reuters made a series of announcements to launch innovative information solutions that will help further the growth of the Islamic Economy. This included Amilin TV, world’s first business channel for Islamic markets; Zawya Islamic, a unique first of its kind solution for Islamic finance and Shari’ah-sensitive investors; and the ICD- Thomson Reuters Islamic Finance Development Indicator, a numerical measure representing the overall health and growth of the Islamic finance industry worldwide.

Commenting on the launch, Russell Haworth, Managing Director, Thomson Reuters , MENA, said: “A lot is said about Islamic Finance these days. Industry experts point out that it is the fastest growing segment of the global financial services industry, with growth rates in excess of 20%. It is growing at twice the rate of conventional finance in most markets. But in order to truly flourish as a full-fledged economic paradigm, it needs to be supported by information and analysis. This is an important priority for Thomson Reuters and we will continue to develop innovative information solutions that help further the economy’s growth.”

A series of parallel sessions are scheduled to take place this afternoon with the aim to encourage constructive dialogue on a number of topics, including Halal and Islamic finance standards, Halal lifestyle and travel, the state of Islamic asset management & investments as well as entrepreneurship and innovations opportunities in the Islamic Economy sectors.

Speaking of the value of the Global Islamic Economy Summit, Dr. Sayd Farook, Head of Islamic Capital Markets, Thomson Reuters , said: “The summit has proven to be an essential and unrivalled opportunity to hear from influential thought leaders from across the Islamic economy ranging from financial services, to pharmaceuticals, to food and tourism.

The caliber of speakers and participants in attendance was outstanding and the debates and exchanges provided a full overview into the themes that are impacting the global Islamic economy and driving the agenda.

We are pleased to see many business connections being made, delivering a tangible set of actions to measure success and increase productivity.

This successful event will continue on an annual basis and act as a bellwether for state the Global Islamic Economy.”

For further details about the conference programme visit www.globalislamiceconomy.com or search the hashtag #GIES for live updates on Twitter.

(PRESS RELEASE)

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