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Mohammed bin Rashid's Islamic economy initiative will take UAE to new heights: Environment Minister

posted on 10/01/2013: 1898 views



The 'Dubai: Capital of Islamic Economy' initiative constitutes an important qualitative addition that will take the national economy to new heights, according to Dr. Rashid Ahmed bin Fahad, Minister of Environment and Water.

The minister said the initiative reflects HH's long-term strategic vision for boosting the prominent standing the UAE, in general, and Dubai, in particular, occupy as a regional and international financial hub, building on advanced corporate and legislative infrastructure maintained by Dubai due to accumulated wealth of expertise in Islamic economy.

The UAE, he noted, was among the leading countries which provided world class Sharia-compliant financial services and products that cater to demands of millions of customers.

The initiative, he said, would consolidate the UAE's position in the trade and production of Halal products and services amid the rapid growing of the market to more than US$ 8 billion by 2020 from less than US$ 4 billion in 2010.

He affirmed the Ministry would play an effective role along with other partners and stakeholders in implementing the initiative.

He cited the UAE's leading role and efforts - through its presidency of the technical committee for Halal food standards of the Organisation of Islamic Cooperation (OIC) - in crafting international Halal foods standards.

As chairman of the Standards and Metrology Institute for Islamic Countries (SMIIC), the UAE, guided and inspired by Sheikh Mohammed's vision, will strive to develop international legislations, regulations and standards for Halal foods. - Emirates News Agency, WAM

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