Dubai’s Islamic economy shows robust growth

11 Oct 2015

(MENAFN) Dubai is on target to emerge as the capital of the Islamic economy, Noor Bank chief executive officer and Awqaf & Minors Affairs Foundation chairman told Khaleej Times.

On the Islamic finance front, Dubai is the world’s leading hub for the multi-billion dollar trade in sukuk issuance. Dubai is seen as an attractive tourist destination as well on its path to achieve its goal of 20 million visitors by 2020.

Islamic economies are among the fastest-developing markets in the world. Ten out of the 25 largest growth economies are Muslim-majority countries represent more than USD6.7 trillion of GDP.

While growth in conventional economies is forecast to average 3.6 percent between 2015 and 2020, the economies of the Organization of Islamic Cooperation countries are projected to grow at a robust 5.4 percent.

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