Tawreeq Holdings, the world’s first provider of comprehensive Sharia-compliant Supply Chain Finance (SCF) solutions, is proud to have taken part at the third Global Islamic Economic Summit (GIES) 2016, held on 11 & 12 October 2016 at Madinat Jumeirah, Dubai as a Gold Sponsor. The GIES is a significant event for the Islamic economy serving yearly as the platform to exchange thoughts and developments to innovate and support market growth, and Tawreeq Holdings is pleased to have participated for the second consecutive year. The two-day GIES 2016 event was a great opportunity for Tawreeq Holdings to meet participants from across the globe and share the insights and developments of the Islamic economy and Sharia-compliant financing innovations in the region.
The GIES 2016, held under the patronage of H. H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, was organized by Dubai Chamber of Commerce and Industry in collaboration with the Dubai Islamic Economy Development Centre (DIEDC), and Thomson Reuters as the strategic partner.
This year’s Summit witnessed a participation of about 2,000 policymakers, thought leaders, businesses and entrepreneurs from all sectors of the Islamic economy. The GIES has always proved as a versatile platform for policymakers and industry leaders to connect and drive change in the region.
The Islamic economy, which has followed Islamic trade principles for more than a 1000 years, is considered to be one of the fastest growing sectors in the world, which continues to expand at a rapid pace nearly twice the rate of global economic growth. The global expansion and acceptance of Sharia-compliant finance by regional and international institutions is the key engine for growth and expansion of all Islamic economy pillars globally.
The GIES 2016 confirms Dubai’s vision to position itself as the global capital of the Islamic economy. The event covered diverse sessions on global trends shaping the Islamic economy, exploring the topics – scalable solutions to empower the next generation, blended finance, innovation, Islamic economy startups, economies of the future, and leveraging the power of crowds. Each of the sessions underlined the importance of developing Islamic finance and capitalizing innovation and technology to fully develop the Islamic economy.
Jacques Bernard, Senior Investment Director at iSCF Capital Limited, an affiliate of Tawreeq Holdings, was pleased to have been one of the participating experts in the panel session: “Leveraging the power of crowds: a golden opportunity to bridge the funding gap”. Jacques shared some very interesting views on crowdfunding in the forum, and highlighted a critical point on crowdfunding for the Islamic economy, which is building a robust ecosystem. “An ecosystem is an environment in which participants; issuers, obligors, investors, lenders, regulators, system providers, financial institutions and the public at large work together in a trusted environment.”
Bernard added with regards to the integration needs of the Islamic economy, “Platforms catering to the Islamic world will benefit from practices of asset-based or asset financed lending if they adapt to the necessities of growing intangibles in a world of services. The crowdfunding phenomenon is a step further in the disintermediation that securitization was to complement bank lending. We understand that as banks merge and grow they naturally overlook the SME sector that is vital to GDP growth, employment and trade. The Crowdfunders need to act responsibly to ensure a healthy evolution in innovative means of finance, whether conventional or Sharia-based.”
Overall, the summit succeeded in bringing together the diverse views and ideas to empower youth, entrepreneurs, innovation and harness the full potential to flourish the Islamic economy. Tawreeq Holdings, an innovating leader in Sharia-compliant Supply Chain Finance solutions, is pleased to be an active voice and participant in the region’s premier forum on the Islamic economy.