The Dubai Airport Freezone Authority (Dafza) and the International Center for Islamic Economy (ICIE) have launched the ‘Innovation Ideas’ competition for the Islamic economy sector.

The competition is in line with Dafza’s efforts in promoting Dubai as a leading city and a global center for Islamic economic activities. It was launched during the Entrepreneurs Forum held yesterday (February 7) at Le Meridien Hotel in Dubai.

The Entrepreneurs Forum, which is gold sponsored by “National Bonds”, attracted investors, economic institutions, banks, governmental entities, and trade and development centres, and aimed to transfer knowledge and expertise as well as introduce the latest entrepreneurial practices and marketing of entrepreneurial projects in line with the Islamic economy firm, said a statement.

At the end of the forum, three winners received an award for presenting the most innovative ideas designed to support the Islamic economy, which enabled the participants to innovate creative projects or products in various sectors of Islamic law and economy such as Zakat, donations, finance, investment, financial markets, Halal activities, to name a few, it said.

The competition is part of Dafza’s vision to encourage doing business while promoting entrepreneurship and an innovation culture. It also encourages entrepreneurs and support the winners in participating in the Islamic economy, it added.

Sultan Al Howymel, chief executive officer of International Center of Islamic Economy, said: “Through this forum, the centre employs competition and creativity as a strategy to stimulate innovation among entrepreneurs.”

“By encouraging innovative ideas, we look to transform them into viable projects within the Islamic economy, which has a huge local and regional markets. The forum comes in line with the centre’s objectives to provide a platform that pushes research and development, and best practices in the Islamic economy,” he added.

Amna Lootah, assistant director general – finance, commercial and customer relations division foster of Dafza Innovation & Future Unit, said: “We have launched the forum in line with its strategy to support the Islamic economy through innovation, placing the importance of developing new products, innovative projects and creative ideas in line with the global Islamic laws.”

“The competition is part of the three initiatives launched by Dafza in partnership with the International Center of Islamic Economy to foster innovation among entrepreneurs and enrich the various Islamic markets,” he said.

The International Center of Islamic Economy has been launched as a pioneering centre in Islamic economy to push for global initiatives and applications in line with the ‘Dubai the Capital of Islamic Economy’ initiative.

The centre was formed with a strong economic foundation aimed at contributing in building a better future for global economies and markets. The centre develops economic products and services, including designing and developing specialised training programmes, following international standards. It also qualifies professionals in economic organisations, it stated. – TradeArabia News Service