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UAE calls for stronger trade ties among Islamic countries

Xinhua, October 5, 2015 Adjust font size:

The United Arab Emirates (UAE) minister of economy and foreign trade urged Monday stronger economic ties among the Islamic countries to further boost Islamic business across the world.

"There are 1.7 billion Muslims living worldwide and the economies of the 57 Islamic states grow at an average of 5 percent per year," Sultan Al-Mansouri told the Global Islamic Economy Summit (GIES) 2015.

Earlier in the day, UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed Bin Rashid Al-Maktoum opened the two-day GIES, which is organised by the Dubai Islamic Economy Development Center (DIEDC).

In a keynote speech, Nobel laureate Muhammad Yunus urged over 2,000 delegates not to regard Islamic business and finance as a means to focus on earning money, but to find the balance between the economy, society and the environment.

"Economy is not about profits; it is about people. All three Ps, the profit, people and the planet, are equally important," said Yunus, who received the Noble peace prize in 2006 for pioneering the global microfinancing movement to help the poor.

According to a DIEDC report released at the forum, the overall size of the Islamic economy worldwide is 1.81 trillion U.S. dollars. It is poised to grow to 2.58 trillion dollars by 2020. Endit