25.11.2013, Dubai, UAE – On the occasion of the Global Islamic Economy Summit held in Dubai, UAE, on 25-26 November, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, presented IDB Group Chairman, Dr. Ahmad Mohamed Ali, with the “lifetime achievement award in Islamic economy” in recognition of his key role in the Bank's goal to support the private sector in the Islamic world.
Addressing the Summit, the Chairman of the Islamic Development Bank (IDB) Group called on the major players of the Islamic banking industry to initiate more financial instruments capable of providing new opportunities for long-term financing and work to solve the challenges in liquidity management.
He also invited the leaders of the world economy to realize the significant role that Islamic finance can play, put their weight behind this industry, and contribute to its advancement.
Dr. Ali emphasized the need for investment in African and Asian regions stating that the entire world shall benefit from pulling the nations of these regions out of the clutches of poverty. “The Islamic economy, by economic empowerment through Zakat and Waqf, may contribute to establishing a new track for world-wide economic growth and social welfare”, said Dr. Ali.
“The globalization of Islamic finance constitutes a major pillar in IDB’s VISION 2020 which is meant to support international efforts in the face of the present global challenges and lay the foundations for a better tomorrow”, stated Dr. Ali, while touching upon the major global challenges in reinstating comprehensive economic stability.

The Summit sought to implement Dubai’s strategic vision aimed at becoming the Global Capital of Islamic Economy. During the summit, organized by Dubai Chamber of Commerce and Industries and Thomson Reuters, leaders from both the private and public sectors discussed the challenges that lay ahead in the Islamic finance sector, investment prospects and contribution to the global economy.