The upcoming Global Islamic Economy Summit (GIES 2015) in Dubai, UAE will host the inaugural ‘Innovation 4 Impact’ competition, the first of its kind targeting the growing Islamic digital economy.

The summit is scheduled to run on October 5 and 6 at the Madinat Jumeirah.

The competition, which opened applications on June 29, is hosted by Dubai Silicon Oasis Authority (DSOA) and the Dubai Islamic Economy Development Centre (DIEDC) and organized by Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals. The initiative will allow participants to showcase a range of businesses, products and services that cater to the digital component of the global Islamic economy.

The competition that is being managed in collaboration with American Muslim Consumer Consortium is open to any company or entrepreneur with a potentially groundbreaking idea or business venture pertaining to either E-commerce, Mobile Computing, Cloud Computing, Big Data, Hyper-converged Platforms, or New Media and Social Media.

The competition, which closes for submissions on August 10, will include three rounds of assessment. Ideas will be judged on the criteria of innovation, economic and social impact, as well as scalability across markets and regions.

Shortlisted entrepreneurs will be invited to submit detailed proposals, participate in telephone interviews, and eventually present their ideas to an expert panel, as well as to an audience comprising prominent entrepreneurs, trade visitors and opinion leaders from around the world.

The winner, selected through the votes of the jury and the audience, will be announced on the concluding day of the Global Islamic Economy Summit on October 6, and awarded an array of financial, incubational and recreational support prizes. The winning entrepreneur’s proposition will also be specially showcased at GIES 2015.

Badr Buhannad, senior VP – Strategy & ICT and Project Leader of Digital Islamic Economy at Dubai Silicon Oasis Authority, said: “We are confident that the Innovation 4 Impact competition will allow entrepreneurs and innovators to benefit from a new platform to demonstrate the promise and potential of the Islamic digital economy with solid value propositions. The competition also presents an opportunity for collaboration among Dubai Silicon Oasis Authority, the Dubai Islamic Economy Development and Thomson Reuters as we work together to deliver the vision of Dubai’s leadership to consolidate its status as the capital of the global Islamic economy.”

“We have developed an enabling business environment in DSO to nurture and support innovative ideas and promising start-ups in the fields of Islamic digital economy and Arabic content, as well as the technology field. We are also working with Thomson Reuters on the Islamic digital economy report whose findings will be revealed after the summit. This report will help us further understand and analyze the needs and requirements of entrepreneurs focusing on Islamic economy products and services that are compliant with the principles of sharia,” Buhannad added.

The initiative to launch a competition that effectively serves as an incubator for SMEs in the Islamic digital sector across the world is driven by the findings of the State of the Islamic Digital Economy report by Thomson Reuters and DSOA. The report suggests that the number of Muslim consumers of digital services across the world will grow by 20 per cent per annum over the next five years, outpacing the initial forecasted growth rate of 15 per cent per annum.

Figures for 2014 further indicate that Muslim consumers account for an estimated 8 per cent of the global digital economy, which effectively points to the reality of a growing sub-sector – the Islamic digital economy – and the increasing value of digital services to Muslims seeking a ‘halal’ lifestyle. – Reuters