The United Arab Emirates has been at the spearhead of Islamic economy - the country has attached great importance to it. It is an important aspect of supporting global economic stability and is a vital development tools. The UAE has created a robust base for Islamic economics, as well as activities based around it in line with the requirements of Islamic law. This has allowed us to be proactive in providing a financial model for a global Islamic economy. We achieved this through a forward-looking vision that fosters prosperity in Islamic societies.

The UAE has made continued effort to establish the country as a global centre for Islamic finance. In fact, it was the first country to establish an Islamic bank that provides integrated services in compliance with Islamic law, and first to rank first across various Islamic economic and financial indicators worldwide.

This is a manifestation of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai a global capital of Islamic economy.

The country's leadership supports efforts to stimulate Islamic economy through necessary legislative structures as part of the Dubai: Capital of Islamic Economy initiative. Our leadership has paid great attention to the Dubai Islamic Economy Development Centre (DIEDC), which is led by H.H Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. The aim is to explore new ways to advance the Islamic finance sector globally, and make Islamic economy a major contributor to growth, diversity and economic sustainability in Dubai and the UAE.

The UAE launched a new strategic partnership to create a unified global legislative framework for Islamic finance, which will be formally established as a legal and legislative framework that serves as the basis for a new international treaty.

The Ministry of Finance took this initiative in partnership with the Islamic Development Bank (IDB) and the Dubai Islamic Economy Development Centre (DIEDC), and the centre will receive technical support to build this global legislative framework.

The Islamic finance sector will benefit greatly from a consolidated international legal and legislative framework. Once this is achieved - followed by approvals by internationally accredited relevant authorities - it will be formally established as a legal and legislative framework that serves as the basis for a new international treaty.

The differences between legislations and laws governing business practices in Islamic finance have led to a slowdown in growth, which is the reason why we need a new unified legislative framework that standardises the process to provide assurance and build trust in business relations.

The Ministry of Finance will continue to expand its horizons and enhance cooperation with local and international bodies and organisations to develop Islamic finance. The ministry will continue to advance the Islamic financial industry in order to contribute towards the UAE Vision 2021, and to bolster the role of the UAE as a leading global Islamic financial center.