Islamic sharia-compliant asset to exceed 2017 $2.4tn value by 2023 - DIEDC

Islamic sharia-compliant asset to exceed 2017 $2.4tn value by 2023 - DIEDC
Islamic sharia-compliant asset to exceed 2017 $2.4tn value by 2023 - DIEDC

Dubai – Mubasher: The Dubai Islamic Economy Development Centre (DIEDC) on Sunday rang the market-opening bell at Nasdaq Dubai’s MarketSite announcing the launch of the second day of the Islamic Economy Week, which coincided with the opening of the day’s trading session.

DIEDC CEO Abdulla Al Awar revealed that Sharia-compliant services have become widespread and in constant growth, highlighting that the value of global assets in the Islamic finance sector were estimated at $2.4 trillion in 2017.

This figure is forecast to surge to $3.8 trillion by 2023, Al Awar added.

Meanwhile, Dubai International Financial Centre (DIFC) governor and chairman of Borse Dubai and the Dubai Financial Market (DFM) Essa Kazim said that Islamic Economy Week event came as part of the emirate of Dubai’s continued efforts to promote and support the principles of the Islamic economy.

As part of Islamic Economy Week, a two-day summit named Global Islamic Economy Summit will run form 30 to 31 October and will see various top stakeholders from across the world meet up. It will also bolster the emirate’s position as the global capital of the Islamic economy, Kazim revealed.

“The Islamic Economy Week aims to spotlight the most relevant topics on Islamic economy and stimulate discussions to identify innovative and ethical solutions to emerging global economic challenges,” Al Awar added.

During the second day of the event, the DIEDC issued the State of the Global Islamic Economy Report 2018/19.

On the same note, Nasdaq Dubai CEO Hamed Ali stated that with the rising activity across the various areas of Islamic finance, including the “largest listed sukuk value of any global centre at $ 59.7 billion from 72 listings, Dubai is making great strides in advancing the Islamic economy.”