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UAE: Law issued establishing ‘Dubai Islamic Economy Development Centre’

By Wam

His Highness Sheikh Mohammed bin Rashid Al Maktoum

His Highness Sheikh Mohammed bin Rashid Al Maktoum

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, has issued Law No 13 of 2013 on the establishment of the “Dubai Islamic Economy Development Centre”.

He also issued Decree No. 42 of 2013 to form the Centre’s Board of Directors, to be chaired by Mohammed Abdullah Al Gergawi.

According to the provisions of the decree, the Board of Directors will comprise: Sami Daen Al Qamzi as Vice Chairman, with the board membership of Abdul Aziz Abdullah Al Ghurair, Hussain Nasser Lootah, Dr. Hamad Al Shiebani, Abdul Rahman Saif Al Ghurair, Hussein Daen Qamzi, Helal Saeed Al Marri, and Isa Abdul Fattah Kazim, who is appointed as Secretary General of the Centre as stipulated in article Two of the decree, in addition to his membership post on the Centre’s Board.

The decree is effective from the date of issuance and shall be published in the official Gazette.

Law No. 42 of 2013 details the basic objectives of the Centre, which will have legal personality and financial and administrative independence as well as the legal capacity necessary to direct all actions and behaviours to achieve the goals of the Centre, including promotion of the Emirate of Dubai to become the global capital of Islamic economy, promotion of economic activities compatible with Islamic law in goods and financial services sectors, as well as the non-financial sector as a main pillar on which the economy of the Emirate is based.

Promoting Dubai regionally and globally as a main centre for Shariah-compliant goods and financial and non-financial services, building a database on Islamic economic activities and encouraging recourse to arbitration in related Islamic economic activities disputes are also among the key objectives of the Centre.

The law specifies the terms of reference of “Dubai Islamic Economy Development Centre” which includes drawing up the Centre’s general policy and setting up strategic plans for the development of the sector in the Emirate, in addition to developing comprehensive and unified standards to judge the extent to which any commodity or financial service or otherwise complies with the provisions of Islamic law and promoting these standards locally and globally.

The specialisations of the Centre also include the creation of a system to endorse compatibility of products, commodities and financial and non-financial services with standards adopted by the Centre and issuing necessary certificates in this regard. The Centre will, among its other specialisations, conduct specialised studies and researches on Islamic Economy, determining the extent of Shariah-compliant economic activities’ contribution to the GDP of the Emirate, and how to develop them to achieve the objectives of the Centre.

Moreover, the Centre shall, within its terms of reference, launch Islamic economy awards and programmes and oversee them in accordance with the Board’s decision, establish or contribute to the establishment of companies and investment projects related to the objectives of the centre, as well as coordinating with various local and federal agencies in areas of relevance. Coordinating with centres and bodies, associations and local, regional and international organisations and concluding agreements and Memorandums of Understanding are among the other objectives that support of the goals of the Centre.

Law No. 42 of 2013 specifies the specialisations of the Board of Directors of the “Dubai Islamic Economy Development Centre,” including the design and development of the Centre’s general policy and supervising its implementation, adoption of strategic and development plans related to the board’s work , adopting of programmes and initiatives needed to implement its policy and its strategic and development plans.

Moreover, the centre aims to  ratify administrative, financial and technical rules and regulations related to the organisation of work at the Centre and its organisational structure, as well as endorsing of the annual budget and final accounts, and submitting  them all to Dubai Crown Prince for approval, in addition to  the formation of permanent and temporary committees and specialised work teams and determining their functions and powers in a manner that contributes to the achievement of the objectives of the Centre.

With regard to the executive apparatus, the law stipulates that the executive apparatus consists of an executive director who shall be appointed by a decision issued by the Crown Prince of Dubai, in addition to a number of administrative, financial and technical staff. The law also details the terms of reference of the Executive Director, which include proposing policies and strategic development and operational plans, as well as initiatives and programmes that will achieve the goals of the Centre, all of which are to be submitted to the board in coordination with the Secretary-General.

Moreover, the Executive Director will be responsible for proposing administrative, financial and technical draft rules and regulations to organise work in the Centre, and submit them to the Board for approval. He also bears the responsibility of developing plans needed to implement the general policy of the Centre and work programmes approved by the board of directors and follow up their implementation.

The appointment of technical and administrative personnel necessary to conduct business at the Centre according to the Centre’s regulations and bylaws, as well as preparation of periodic reports on the implementation of approved policies and strategic plans and programmes and submitting them to the Board of Directors through the Secretary-General are among the other responsibilities to be carried out by the Executive Director.

Any texts in any other legislation which contradicts with the provisions of this law shall be deemed null and void.

The law is effective from the date of issuance and shall be published in the Official Gazette.

Mohammed meets Zayed Prize jury and board

Sheikh Mohammed bin Rashid receiving Dr. Klaus Topfer on Tuesday.

Sheikh Mohammed bin Rashid receiving Dr. Klaus Topfer on Tuesday.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday evening received Chairman of the Jury of the Zayed International Prize for the Environment, Dr. Klaus Toepfer, the jury members, and Prof. Dr. Mohamed Ahmed bin Fahad, Chairman of the Higher Committee of the Zayed International Foundation for the Environment.

During the meeting, the jury, which was accompanied by Dr. Rashid Ahmed bin Fahad, Minister of Environment and Water, briefed Sheikh Mohammed bin Rashid, the patron of the prize, on the outcome of its meetings and deliberations on the nominations of the sixth cycle of the prestigious prize.

In his remarks during the meeting, Sheikh Mohammed affirmed his confidence in the wisdom and knowledge of the jury who selects nominees based on the consideration of their efficiency and the constructive roles they play in preserving the environment both locally and internationally.

Sheikh Mohammed noted that the jury’s right decisions embody the objectives of the prize “which we established in remembrance of a leader (the late founding father of UAE Sheikh Zayed bin Sultan Al Nahyan) who dedicated his life, money and effort for serving the environment, humanity, the welfare of people and the protection of the environment.”

Sheikh Mohammed wished for success for the mission of the jury of the prize, and the Zayed International Foundation for the Environment in the service of the objectives of the prestigious environmental prize.

The jury of the Zayed International Prize for the Environment is chaired by Dr. Klaus Toepfer, former Executive Director of UNEP, and its members include, among others, Achim Steiner, Under-Secretary-General of United Nations and Executive Director of United Nations Environment Programme (UNEP).

On his part, Dr. Rashid Ahmed bin Fahad, Minister of Environment and Water, said that preparations are underway for the awarding ceremony the sixth cycle of the prize. The minister noted that there are directives by Sheikh Mohammed bin Rashid to stage a s ceremony that befits the prestigious prize.

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