A delegation from Dubai International Academic City (DIAC) met with international counterparts at a leading conference to share experience in developing a top Islamic centre.

Hosted by the Ministry of International Trade and Industry of Malaysia (MITI), the World Halal Summit (WHS) 2015 was held in Kuala Lumpur bringing together halal players from the industry, as well as certifiers, scholars and academics.

The global Islamic economy encompasses a broad range of sectors, including food, pharmaceuticals, fashion, media, and Islamic finance, said a statement.

It has been estimated that over the next five years, global demand for halal products will increase by between 15 per cent and 20 per cent.

In the UAE, Dubai’s Islamic market has a potential value of $6.7 trillion, bigger than both the US and China, according to a study by Thomson Reuters.

Meanwhile, a research by Dubai Chamber of Commerce revealed that the global halal food market is currently estimated to be worth $667 billion, and is expected to grow to $1.6 trillion by 2018.

Dr Ayoub Kazim, managing director of DIAC, said: “We have the potential to develop a significant and substantial Islamic Economy, primarily by mobilising the vast number of student youth that currently reside in Dubai.

“On the industry side, the various sectors that make up our economy must lead the effort, and help to advise academic institutions on the courses, skills, qualifications required from graduates.

“Malaysia is home to one of the most developed Islamic economies in the world, and is therefore and ideal location for the World Halal Summit. The event provided an important platform to share industry best practice and insight between leading Islamic centres, helping to drive sector innovation on a global scale.” - TradeArabia News Service