Art and culture are important components of the Islamic economy, and while Islamic art has always been a mainstay of museums around the world, it has increasingly gained importance as an investment. Initiatives across the GCC region, and especially in Qatar and the UAE, have turned a spotlight onto Islamic art that retains a focus on traditional religious works, while also introducing audiences to more contemporary offerings. As part of the drive within the GCC to create a more vibrant cultural profile, innovative spaces such the Mathaf in Qatar and the Guggenheim and Louvre in Abu Dhabi, as well as contemporary galleries in Dubai, are all encouraging investment in Islamic art and helping it go mainstream.
Islamic fashion is another fast-growing market and an integral pillar of the Islamic economy. Contrary to the rest of the fashion industry, which is facing financial pressures as a result of global recession, it continues to expand. Initially catering to the inherent modesty of the Muslim world, Islamic fashion is generating demand from other regions and cultures where modesty is a priority, as well as attracting attention from major mainstream fashion players.
Said a representative from Sefamerve, a leading modest fashion retailer based in Turkey with a representative in Malaysia: "While global brands that focus on modest fashion have been catering to Muslim sensibilities for years, they must also keep in mind a fast-growing conservative customer base that is also interested in modest fashion. These two complementary groups can help elevate these brands into key players in the fashion industry."
Paolo Costanzo, Chairman of Infinita Group, which represents Italian design, said: "Being part of the of the Global Islamic Economy Summit gives us the opportunity to enter the modest fashion market, a sector we believe has great potential, and one we are confident that we can support globally through our network of key players in the Italian fashion market.'
Kerim Türe, Founder and CEO of Modanisa.com, ranked the top Islamic fashion site globally, said: "Social media and the Internet are the driving factors behind the transition of Islamic fashion into the global mainstream. Women worldwide are looking for the latest trends in elegant and conservative style, in line with Islamic culture. Serving them through a one-stop shop that provides variety, quality, and excellent service is the key to success in this rapidly developing modest fashion market."
Alia Khan, Chairwoman of the New York-based Islamic Fashion and Design Council, said "People are intrigued by the Islamic fashion industry, and rightly so; there is much more to it than meets the eye. It has tremendous potential to lead and can set a wonderful example for the mainstream fashion industry, offering powerful solutions that will revolutionise fashion - while maintaining its dignity, elegance, and class."
Islamic art and fashion will both feature in the Global Islamic Economy Summit with dedicated sessions on the second day to foster discussion around these pillars of the Islamic economy. Khan will chair a moderated panel on modest fashion, with panellists including prominent players in the fashion industry from Turkey, Indonesia, Kuwait and the UK. The session on Islamic art will be chaired by Sultan Sooud Al Qassemi, Founder of Barjeel Art and includes panellists from Christies, the Jameel Foundation, Qatar Museums and the Dubai Culture and Arts Authority.
GIES 2015, which is taking place under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, will discuss Islamic finance as part of its remit. Featuring more than 60 international speakers across 15 sessions, the summit will offer comprehensive insights on the seven core pillars of the Islamic economy: Islamic finance, halal Industry, Family tourism, Islamic Knowledge, Islamic Arts and design, Islamic digital Economy, and Islamic standards.
Islamic fashion is another fast-growing market and an integral pillar of the Islamic economy. Contrary to the rest of the fashion industry, which is facing financial pressures as a result of global recession, it continues to expand. Initially catering to the inherent modesty of the Muslim world, Islamic fashion is generating demand from other regions and cultures where modesty is a priority, as well as attracting attention from major mainstream fashion players.
Said a representative from Sefamerve, a leading modest fashion retailer based in Turkey with a representative in Malaysia: "While global brands that focus on modest fashion have been catering to Muslim sensibilities for years, they must also keep in mind a fast-growing conservative customer base that is also interested in modest fashion. These two complementary groups can help elevate these brands into key players in the fashion industry."
Paolo Costanzo, Chairman of Infinita Group, which represents Italian design, said: "Being part of the of the Global Islamic Economy Summit gives us the opportunity to enter the modest fashion market, a sector we believe has great potential, and one we are confident that we can support globally through our network of key players in the Italian fashion market.'
Kerim Türe, Founder and CEO of Modanisa.com, ranked the top Islamic fashion site globally, said: "Social media and the Internet are the driving factors behind the transition of Islamic fashion into the global mainstream. Women worldwide are looking for the latest trends in elegant and conservative style, in line with Islamic culture. Serving them through a one-stop shop that provides variety, quality, and excellent service is the key to success in this rapidly developing modest fashion market."
Alia Khan, Chairwoman of the New York-based Islamic Fashion and Design Council, said "People are intrigued by the Islamic fashion industry, and rightly so; there is much more to it than meets the eye. It has tremendous potential to lead and can set a wonderful example for the mainstream fashion industry, offering powerful solutions that will revolutionise fashion - while maintaining its dignity, elegance, and class."
Islamic art and fashion will both feature in the Global Islamic Economy Summit with dedicated sessions on the second day to foster discussion around these pillars of the Islamic economy. Khan will chair a moderated panel on modest fashion, with panellists including prominent players in the fashion industry from Turkey, Indonesia, Kuwait and the UK. The session on Islamic art will be chaired by Sultan Sooud Al Qassemi, Founder of Barjeel Art and includes panellists from Christies, the Jameel Foundation, Qatar Museums and the Dubai Culture and Arts Authority.
GIES 2015, which is taking place under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, will discuss Islamic finance as part of its remit. Featuring more than 60 international speakers across 15 sessions, the summit will offer comprehensive insights on the seven core pillars of the Islamic economy: Islamic finance, halal Industry, Family tourism, Islamic Knowledge, Islamic Arts and design, Islamic digital Economy, and Islamic standards.
One of the morning sessions at GIES 2015 will discuss the importance and relevance of the Islamic economy to Islamic finance, featuring a debate by Tirad Al Mahmoud, Jamal Bin Ghalaita and Dr Adnan Chilwan, the respective CEOs of the Islamic banks ADIB, Emirates Islamic and Dubai Islamic Bank.
The CEO debate will be followed by a session covering how Islamic financial institutions have moved from niche to mainstream. The session will also discuss whether Islamic financial institutions can meet the needs of people who are financially excluded solely for religious reasons, and whether Islamic finance can act as a financial inclusion mechanism for non-Muslims.
Interested?
The GIES 2015 summit, organised by the Dubai Chamber of Commerce & Industry, the DIEDC and Thomson Reuters, gathers over 2,000 policymakers, thinkers and business leaders on 5 and 6 October 2015 at Madinat Jumeirah, Dubai, UAE. Register here
Read the Suroor Asia blog post on GIES 2015
Read the Suroor Asia blog post on trends identified to date by the State of the Global Islamic Economy Report 2015-2016
Read the Suroor Asia blog post on Islamic finance trends from the State of the Global Islamic Economy Report
Hashtag: #2015GIES
Read the Suroor Asia blog post on trends identified to date by the State of the Global Islamic Economy Report 2015-2016
Read the Suroor Asia blog post on Islamic finance trends from the State of the Global Islamic Economy Report
Hashtag: #2015GIES