1. DUBAI THE CAPITAL OF THE ISLAMIC ECONOMY

2. THE VISION ‘Our vision for the Islamic economy sector is clear: we need this sector to contribute, in a vital manner, to our national economy and enhance our position as the global capital of the Islamic economy.’

3. ABOUT DIEDC
Dubai Islamic Economy Development Centre (DIEDC) was established in under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.
DIEDC is founded on the seven pillars of finance, the ‘halal’ industry, tourism, digital infrastructure, art, knowledge and Islamic standards.
Through carefully planned strategies and initiatives, DIEDC is committed to engaging with stakeholders to foster a generation of qualified professionals with the required skill-sets to drive growth across the seven constituent pillars, while creating a dynamic and competitive environment that fuels growth within the sector.

4. To position Dubai as the Capital of the Islamic Economy
VISION AND MISSION
Vision:
To position Dubai as the Capital of the Islamic Economy
Mission:
To implement a comprehensive strategy with practical programs and initiatives that accelerate the positioning of Dubai as ‘the Capital of the Islamic Economy’

5. DUBAI – CAPITAL OF THE ISLAMIC ECONOMY STRATEGY
Work with public and private sector partners, within and outside the UAE, to drive growth across seven Islamic economy sectors.
Implement a comprehensive strategy of practical initiatives and programmes designed to position Dubai as the capital of the Islamic economy.

6. STRATEGIC PILLARS
DIEDC seeks to develop an enabling and empowering environment, including the necessary legislative and regulatory framework, to support the growth of the Islamic Economy. This is done through 7 key strategic pillars:

7. GLOBAL ISLAMIC ECONOMY OVERVIEW
ISLAMIC ECONOMIES – LARGE & FAST GROWING
The Islamic economies of the world represent more than US$7.0 trillion in GDP
Fast growing shari’a compliant investment, financing and trade
Islamic financial assets estimated at US$ 2 trillion, and expected to reach 3.5 trillion by 2021.
Some of the fastest-growing global economies that stretch from Indonesia in the east to Turkey in the west with the Arabian Gulf states at their centre.
1.7 billion Muslim population growing at twice the rate of the global population

8. GLOBAL ISLAMIC ECONOMY OVERVIEW
MUSLIM POPULATION – EXPANDING, YOUNG, ECONOMICALLY ACTIVE MARKET
Influence stretches beyond Muslim majority countries; more than 350 million Muslims live in non-Muslim majority nations
Muslims spent $1.9 trillion on food and lifestyle products in 2015.
Fast growing and relatively young population of Muslims is increasingly asserting its Islamic sensitivities in the marketplace to products as varied as food, banking, and finance extending all the way to fashion, cosmetics, travel and healthcare.
62% of population is below 30, compared to 51% globally, 40% in North America & 43% in China

9. ISLAMIC FINANCE LANDSCAPE
2015 ISLAMIC FINANCE ASSETS
US $2 TRILLION
(INCLUDES BANKING, TAKAFUL, SUKUK, FUNDS, OTHERS FROM DISCLOSED DATA)
POTENTIAL ISLAMIC FINANCE ASSETS LANDSCAPE
US $3.3 TRILLION by 2021
ISLAMIC BANKING
US $1,451 BILLION ASSETS
1,291 ISLAMIC FINANCE INSTITUTIONS
SUKUK (BONDS)
US $342 BILLION ASSETS
2,354 OUTSTANDING SUKUK
TAKAFUL (INSURANCE)
US $37.7 BILLION ASSETS
308 TAKAFUL OPERATORS
ISLAMIC FUNDS
US $66.4 BILLION NET VALUE
875 ISLAMIC FUNDS
BY SEGMENT

10. STRATEGY - ISLAMIC FINANCE
Work with both public and private sector partners to enable one of the world’s great Islamic financial centres to be established in Dubai that will be the global reference and economic engine of Islamic finance.
Reach out within the Middle East and beyond to build the international bridges essential for the global success of Islamic finance.
Work with the Islamic finance industry to develop the regulatory framework that will enable the sector to flourish and become a global alternative to conventional finance.

11. HALAL INDUSTRY LANDSCAPE
MUSLIMS GLOBALLY SPENT
US $1,173 BILLION
ON HALAL FOOD & BEVERAGE IN 2015 (16.6% OF GLOBAL EXPENDITURE)
EXPECTED TO REACH
US $1,914 BILLION
IN 2021 (18.3% OF GLOBAL EXPENDITURE)
US $78 BILLION
ON HALAL PHARMACEUTICALS IN 2015 (7% OF GLOBAL EXPENDITURE)
US $132 BILLION
IN 2021
US $56 BILLION
ON HALAL COSMETICS IN 2015 (7% OF GLOBAL EXPENDITURE)
US $81 BILLION

12. STRATEGY - HALAL INDUSTRY
Pursue national Halal regulations, standards and auditing processes to position Dubai as the trusted name and solutions provider for the Halal industry.
Work with public and private sector stakeholders to consolidate and unify Halal certification standards globally.
Drive the development of the “Halal Park” concept to enable Halal sector companies to set up in Dubai and receive globally recognised Halal certification.
Create a knowledge base accessible to stakeholders, especially potential entrants to the sector.

13. FAMILY FRIENDLY TOURISM LANDSCAPE TOP MUSLIM TOURISM SPEND
MUSLIMS GLOBALLY SPENT
US $151 BILLION
ON TOURISM IN 2015 (11.2% OF GLOBAL EXPENDITURE)
EXPECTED TO REACH
US $243 BILLION
IN 2021
* Excluding Hajj/Ummrah
TOP MUSLIM TOURISM SPEND
US BILLION 2014
SAUDI ARABIA
UAE
QATAR
KUWAIT
INDONESIA IRAN

14. STRATEGY – FAMILY FRIENDLY TOURISM
Work with owners and operators to develop a family friendly tourism strategy to attract DFI/DDI into Dubai’s tourism and hospitality sectors and position Dubai as the destination of choice for family friendly tourism.
Create awareness of the investment opportunities in family friendly tourism to encourage the development of purpose built 5-star, family-friendly resorts to meet international demand.
Consolidate family friendly tourism travel guidelines and certification standards to protect consumers and ensure sector integrity.

15. ISLAMIC FASHION, ARTS AND DESIGN LANDSCAPE
MUSLIMS GLOBALLY SPENT
US $243 BILLION
ON CLOTHING IN 2015 (11% OF GLOBAL EXPENDITURE)
EXPECTED TO REACH
US $268 BILLION
IN 2021 (14.4% OF GLOBAL EXPENDITURE)
TOP MUSLIM CLOTHING CONSUMPTION MARKETS
US BILLION 2015
Turkey
UAE
Nigeria
Saudi Arabia
Indonesia

16. STRATEGY – ISLAMIC FASHION, ARTS AND DESIGN
Establish an enabling environment for a modest fashion incubation platform to develop sector talent, especially as it relates to design.
Encourage film festivals, such as DIFF and GIFF to establish dedicated awards for Islamic heritage films.
Support the development of Islamic art and an Islamic art trading platform through target marketing initiatives.
Encourage the adoption of architecture that reflects Islamic lifestyles and values.

17. ISLAMIC MEDIA & RECREATION
MUSLIMS GLOBALLY SPENT
US $189 billion
on media & recreation in 2015
(5% OF GLOBAL EXPENDITURE)
EXPECTED TO REACH
US $262 BILLION
IN 2021 (5.6% OF GLOBAL EXPENDITURE)
Top Muslim Consumption Markets in 2015 (billions USD)
1- Turkey
2- USA
3- Russia
4- KSA
5- United Kingdom

18. STRATEGY – KNOWLEDGE
Work with stakeholders to align academia with government and industry to address skill shortages within the Islamic economy.
Conduct studies and specialised research on the Islamic economy to create a global knowledge resource.
Partner with a leading think tank to establish a platform for in depth, strategic discussion on the future of the Islamic economy.

19. STRATEGY – STANDARDS AND CERTIFICATION
Make Dubai the global reference point for Islamic economy standards.
Work with stakeholders to develop a framework for certifying Halal products and services that is globally acceptable.
Support the establishment of a Dubai Halal accreditation authority and develop schemes for private certifiers.