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Reliable Islamic financial transactions within a unified global legislative framework

| 10/05/2020

H.H. Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance

The United Arab Emirates has been at the spearhead of Islamic economy - the country has attached great importance to it. It is an important aspect of supporting global economic stability and is a vital development tools. The UAE has created a robust base for Islamic economics, as well as activities based around it in line with the requirements of Islamic law. This has allowed us to be proactive in providing a financial model for a global Islamic economy. We achieved this through a forward-looking vision that fosters prosperity in Islamic societies.

The UAE has made continued effort to establish the country as a global centre for Islamic finance. In fact, it was the first country to establish an Islamic bank that provides integrated services in compliance with Islamic law, and first to rank first across various Islamic economic and financial indicators worldwide.

This is a manifestation of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai a global capital of Islamic economy.

The country's leadership supports efforts to stimulate Islamic economy through necessary legislative structures as part of the Dubai: Capital of Islamic Economy initiative. Our leadership has paid great attention to the Dubai Islamic Economy Development Centre (DIEDC), which is led by H.H Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. The aim is to explore new ways to advance the Islamic finance sector globally, and make Islamic economy a major contributor to growth, diversity and economic sustainability in Dubai and the UAE.

The UAE launched a new strategic partnership to create a unified global legislative framework for Islamic finance, which will be formally established as a legal and legislative framework that serves as the basis for a new international treaty.

The Ministry of Finance took this initiative in partnership with the Islamic Development Bank (IDB) and the Dubai Islamic Economy Development Centre (DIEDC), and the centre will receive technical support to build this global legislative framework.

The Islamic finance sector will benefit greatly from a consolidated international legal and legislative framework. Once this is achieved - followed by approvals by internationally accredited relevant authorities - it will be formally established as a legal and legislative framework that serves as the basis for a new international treaty.

The differences between legislations and laws governing business practices in Islamic finance have led to a slowdown in growth, which is the reason why we need a new unified legislative framework that standardises the process to provide assurance and build trust in business relations.

The Ministry of Finance will continue to expand its horizons and enhance cooperation with local and international bodies and organisations to develop Islamic finance. The ministry will continue to advance the Islamic financial industry in order to contribute towards the UAE Vision 2021, and to bolster the role of the UAE as a leading global Islamic financial center.

A blog by H.E. Saeed Rashid Al Yateem, Assistant Undersecretary of the Resources at MoF on Government e-Service Fees platform

| 30/03/2020

e-Service Fees platform
HE Obaid Humaid Al Tayer

The United Arab Emirates is one of the frontrunners in the region and world in keeping pace with technological developments in the digital age. The country embraces innovation and uses technology to provide smart, innovative solutions to simplify procedures and further improve government work. In essence, the UAE is a trailblazer, when it comes to harnessing technology to improve the quality of life for its citizens and residents.

In a few short years, the UAE has made great strides on global competitive indices, over-performing in several sectors, primarily in digital development, thus positioning the country as a leader on the global economy map. These achievements are thanks to the forward-looking vision and guidance of our wise leadership, who have devised national strategic plans that are in line with the rapid developments and transformation the world is witnessing across various economic, technological, and knowledge-based sectors. These include encouraging innovation, research and development, information technology, artificial intelligence, and embracing the fourth industrial revolution.

The Ministry of Finance has taken proactive steps to keep pace with the rapid advancement of technological developments – it has adopted technologies that provide innovative digital services to optimise the government’s financial work in line with the highest international standards.

As part of this strategy to enhance government efficiency and performance through leading-edge information technology solutions, the ministry has a Government e-Service Fees platform, which allows customers to search for all the services provided by federal government entities, along with the fees for each. To make the customer journey more efficient and ease access to information, this is done through a single portal on the ministry's website.

The platform currently provides information for over 5,700 services for retail, private and public clients from over 25 federal government bodies, including 14 ministries and 15 federal entities.

The Ministry of Finance works on enhancing government services to provide innovative solutions to raise the efficiency and effectiveness of financial work systems, manage cash flows, and further improve them in adherence with global best practices. This is part of the ministry’s commitment to the UAE government’s vision of making the UAE one of the most innovative governments by 2021.

HE Obaid Humaid Al Tayer
Minister of State for Financial Affairs

Page last updated : 11/05/2020 8:05 AM