Dubai's positioning as world's capital of Islamic Economy welcomed by Laurent Marliere

Islamic markets specialist, says “the tone is given” for Kuala Lumpur and London.

Leading Islamic markets expert, Laurent Marliere, speaking at the first Global Islamic Economy Summit (GIES), has welcomed positively developments on the DUBAI’s plans to profile as the Capital of the Islamic Economy.   Speaking after His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai,  announced that DUBAI will become the world’s capital of the Islamic Economy, Marliere, CEO of ISFIN, said:   “World economy has been awaiting for decades a strong signal from the Middle East in this direction. Up to know, the focus was primarily put on Islamic Finance. The call made at the GIES formalize a whole economy based on Muslim consumerism that goes beyond B2B financial products. The Islamic economy is sustained by sectors such as Pharmaceuticals, Cosmetics, Tourism, Lifestyle, Food, Logistics, Insurance and Banking & Finance.   Technically, Malaysia is still ahead to lead the Islamic Economy because they stepped into the Halal sector 20 years ago, they have .the technology. But with the commerciality and the vision, Dubai is likely to become more than a regional hub. The UAE looks at the global picture at a time when Malaysia looked at Asia. Dubai will ensure the transfer of knowledge and rebrand it in a more attractive way. Dubai’s challenge is to involve Muslims and Non Muslims producers and consumers. The Islamic Economy needs to be considered as an important segment of world Economy and not as an isolated island. London will remain the Capital of Islamic Finance as it combines the advantages of skills and assets that are conventional and shariah-compliant, however, the City should see that Islamic finance is only viable if sustained by the Halal industry that implies elements of shariah-compliance».   Sheikh Al-Maktoum’s vision gives the UAE a lead in capturing what is now becoming a very substantial part of world’s economy. There is a real and significant demand for labelized products from the Muslims located in Asia, Africa, Europe and America.   Islamic industry observers look at Western markets as well in order to export their products and services.  Marliere’s view is however less euphoric than Islamic CEO’s speaking at the Summit and reminds that Western consumers do not look after « religious  products »  but at a value proposal based on the quality of the offer.    He adds that : « The Islamic economy needs to put aside the concept of « evangelisation » and step into the methodology of « marketing ». If Islamic branded products want to succeed on a worldwide scale they need to be consumer-driven and not offer driven ». The demand needs to lead the industry. Actually this is what the West has experienced in the 70’s when the consumerist movement was born and forced the industry to adapt the production to the requirements of the consumers ».   At the occasion of the GIES, Marliere was invited by HRH Prince Khaled bin Alwaleed bin Talal Al Saud, Chairman of Tharawat Capital (Picture), to discuss on Islamic Finance and physical gold.   Prof. Marliere who lectures on « marketing for Islamic markets » said that an event like the GIES is also a great window for announcements and several encouraging initiatives have been brought to world’s attention, including launch of sukuks and Islamic banks in non Muslim countries.    SFIN is the world’s leading platform of advisory firms specializing in Islamic Finance, investments from and to the Muslim world and the Halal industry. The alliance covers more than 60 jurisdictions around the world. ISFIN is composed by the most innovative and highly regarded independent advisory firms.    Contact Information:

 Allaa RIDOUAN, International Sales Manager +(32) 483 427 415 AR@isfin.net
www.isfin.net