The Dubai Islamic Economy Development Centre, DIEDC, is gearing up to host the fifth Islamic Economy Award on 27th November, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

A joint initiative of DIEDC and the Dubai Chamber of Commerce and Industry, Dubai Chamber, the award recognises the efforts of institutions and entrepreneurs across the world in offering innovative concepts that best integrate Islamic economy standards and have a positive impact on global socio-economic development.

The ceremony will give away eight awards, as well as the Lifetime Achievement award to one notable individual whose work over several decades has inspired others and had a major positive impact on the Islamic economy.

Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of DIEDC, said, "Celebrating innovators across Islamic economy sectors is a recognition of the impact of innovation in achieving sustainability with all its socioeconomic dimensions. It is also a recognition of the principles and standards that define an Islamic economy and their ability to adapt to people’s requirements. The Islamic Economy awards gain added significance with the Islamic economy anticipated to value more than US$3 trillion by 2021."

"The UAE is looking forward to marking a historic centenary milestone in 2071 through successfully securing resources to grow and diversify the national income away from oil, increase productivity in national economy sectors, invest in youth capabilities, and reinforce values and ethics in the education ecosystem. These are the principles that make Islamic economy a key partner in building generations that will enjoy a happy life, a safe environment and a bigger opportunity to communicate with the world.

"The fifth edition of the Islamic Economy Award is very important in light of Dubai’s and the UAE’s great achievements in strengthening the foundations of development and economy based on innovation, knowledge and sustainable energy. Islamic economy enhances these foundations with all its sectors through its commitment to the basics of sustainable investment and its adoption of innovative ideas to develop real economic sectors," he added.

The minister went on to explain that the award with its benchmarks has improved awareness about the importance of sustainable social impact of economic activities, and has created a new culture of competitiveness that is based on humanitarian and social dimensions, without only focusing on the quantitative accumulation of products and wealth. He mentioned that this culture has become today a target that the largest world economies are seeking to achieve in their investments.

"Winners of the Islamic Economy Award carry a noble message. This is clearly validated in their interest to compete in sectors that respect standards of safety and security in resource and wealth investments, protect social accomplishments, and revive the cultural heritage of the Islamic world," he concluded.