Discussions unfolded under the overarching thought of the 'Dubai World Economy Capital'
UAE, Dubai: 24 March 2015: The Islamic Economic Fiqh Forum in Dubai concluded after a three-day discussion. The corridors witnessed a pool of deliberating scientists and specialists in the economic field, thinkers, and researchers. The Forum adopted a number of recommendations that will be taken into consideration by Islamic financial institutions around the world.
The forum was held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum initiative ‘Dubai World Islamic Economy Capital’, UAE Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Hamdan Bin Mohammed Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council of the Emirate. Organized by the Department of Islamic Affairs and Charitable Activities Department, in collaboration with the Dubai Centre for the development of Islamic economics; the Forum was a great success.
86 research papers established under Islamic Economics with 20 participating countries
86 research papers were put forward, including 32 that dealt with many vital topics that are closely linked to the work of the Forum, and to develop a deeper Islamic economics insight for the changes in the global economy. In the past few years, the Islamic economy has witnessed a dramatic shift in the structure of the global economy as a whole, which according to speakers at the conference requires the need to reconsider many of the emerging concepts and developing new insights that contribute to innovation and doctrinal tools that lay the foundation for sustained Islamic economic action.
The forum also saw the participation of 20 countries including, Egypt, Sudan, Syria, Malaysia, France, Britain, Senegal and others.
The birth of Islamic Economic Independence
The studies present at the Forum drew attention to the fact that the origin of Islam gave rise to economic freedom. As participants discussed the research paper entitled, 'Freedom of Financial Transactions in Islam', the research emphasized the era during which the greatest value in the history of Islamic economics were recognized. Based on this, the financial transactions system came to place. This further sheds light on the Islamic concept, “right to own property”, and in other words the Islamic economic freedom.
The natural and legitimate origin derives its strength from the Quran and hadith. No one is entitled to diminish or restrict, but the guardian. Should there be a situation where the need for economic security and moral society arises for the interest of the public; the guardian can take an action that he/she thinks is necessary for the stability of the country and the safety of its people.
Another research in the field of Islamic economic foundation, entitled 'Quranic Reviews and its Impact on Zakat,' created a big impact by imparting a deeper understanding of Zakat legislation in the Muslim community. Since they constitute of the economic system, their dimensions seep into the laws governing the behavior of economic agents.
The research also emphasized the impact of Zakat and its ability to bring about the desired economic effect through its power on development, disposal of economic evils, ability to instill the right values, treatment of poverty, achievements of economic development, fight against compactness, stimulation of the economy and unemployment, and the development of the Muslim individuals.
The discussions of the Zakat further laid out its vital and important role in promoting the social hierarchy as a tool to verify the foundations of social solidarity and strengthen the bonds of love, and communication between the different strata of society.
The Forum also discussed a number of issues that are in favor of replacing existing resources with natural resources for economic diversification, which requires the promotion of the domestic private sector to achieve sustainable development and economic stability. The phenomenon is categorized as non-financial and brings economic stability of the world.
Further recommendations included the need to employ compatible tools with Shariah and measures to take advantage of the high demand for Islamic products based on ethical standards both domestic, and international. This would strengthen the link between Islamic financing channels, thereby providing necessary protection and effective guarantees for savings and investments in sectors that meet societal welfare, and eliminate the weaknesses in Islamic Economics.
Another research presented at the Forum was to analyze the possibilities of benefits from sovereign wealth and private Gulf funds that have accumulated over recent years to the Islamic financial industry. Over the years, this sector consists of large financial surpluses that are looking for safe investments. Therefore, the research shared thoughts on what they can offer to the emerging Islamic financial industry.
The Forum proved to be a comprehensive research platform that addressed concerns of the Islamic economy, the obstacles that stand in the way to achieving its goals and measures to achieve Islamic economic sustainability.
Dubai the 1st family tourism destination in the world
A research paper entitled ‘Family Tourism’ spoke deeply about incorporating tourism with Islamic economics. This has become the central factor in the growth of Islamic economics. According to a report issued by Thomson Reuters, family tourism represents 12.5% of the global tourism market with a total value amounted to US $ 1.07 trillion in 2012, and stated that the potential size of family tourism market is as big as largest US market, which is in turn the most important market in the traditional tourism. By acquisition is estimated at only 11.4% of the global market size. Global estimates suggest that the size of this sector is expected to reach US $ 238 billion in 2019.
The report highlighted the enormous potential that makes Dubai the first candidate and the most prominent in family tourism. The UAE was ranked first in the category of tourism within the Competitiveness Index of the OIC in 2013.
The research noted the first steps taken by the UAE in order to reach their destination to become number one in family tourism worldwide.
Besides diversifying destinations tourist attractions, it is museums, the charming sandy beaches, and festivals etc. that are abundant in Dubai. It is now a part of the best 6 cities for festivals and events around the world. In this context, research pointed out the DSF 2000 slogan, 'One World One Family', which in turn is the largest and longest event of its kind in the world, of which 56 million visits and total spend 145 billion dirhams has been recurred.
The research emphasized on the semantics to embrace Dubai ‘s events meeting the International Monetary Fund and the World Bank, which is recognized internationally as a prestigious exceptional emirate at various levels. James Wolfensohn, World Bank President, at the end of the meetings said, it was the most successful ever and the operating room had not seen the like, even in Washington. Dubai was indeed one of the finest places that have been holding meetings of the Fund and the Bank!
The core of the research on family tourism was the feature of parks. Dubai is known for its parks that feature all in one, the atmosphere of exceptional scenic and serenity. These parks include, Mamzar, Zabeel, Al Khor, Jumeirah Beach.
The research also pointed out that the tourist infrastructure of the Emirate of Dubai qualifies it to become the first family tourist destination in the world. With more than 92 thousand hotel rooms, as well as a list of landmarks and events such as the Burj Khalifa, Dubai Fountain, Dubai World Trade Centre, Islands Dubai, Emirates Airline, ports, Global Village, Dubai cities specialist, Square, Dubai Metro, Dubai Mall, Expo 2020 etc. contributes to its stature.
Soon the Mall of the World, which is another miracle, will prove the cities ambition. Promised to accommodate 180 million visitors a year, the mall is set to become the largest shopping center and the first fully air-conditioned city in the world, with a total area exceeding 48 million square feet.
The research found that Dubai is ready to lead the helm of tourism and family tourism in the world. It is ready to take the step towards leading Islamic economics in the world. Held for a duration of three days, from the 22nd to the 24th of March, 2015, the Forum brought a valuable round of 22 recommendations.