Pragmatically, my view is that the term ‘Muslim economy’ more accurately represents the state of current markets; and an ‘Islamic economy’ is an aspirational goal for the same rapidly growing sectors. These are aspirations aiming to encourage the harmonization of Muslim geographies, further collaboration, and a positive commitment towards celebrating the spirit of spirituality in trade and commerce. In this article I report my findings following November’s Global Islamic Economy Summit held in Dubai.
MENA Region: Marhaba to the world - Value Partners newsletter, January 2010Value Partners
The latest Value Partners newsletter. It addresses some of the hot topics currently arising in the region and of particular relevance for a number of industrial sectors: from banking and insurance to telecommunications, media and sports, from luxury goods to energy. The articles provide also specific case studies of international collaboration models and describe the existing business opportunities across sectors.
MENA Region: Marhaba to the world - Value Partners newsletter, January 2010Value Partners
The latest Value Partners newsletter. It addresses some of the hot topics currently arising in the region and of particular relevance for a number of industrial sectors: from banking and insurance to telecommunications, media and sports, from luxury goods to energy. The articles provide also specific case studies of international collaboration models and describe the existing business opportunities across sectors.
An Executive Briefing report that was one of the deliverables required for my International Business final group project: "The Apparel Market of Saudi Arabia: An Untapped and Growing Opportunity for US Firms." Other deliverables included a presentation and an individually written one-page summary of the report.
The Global Islamic Economy Summit 2013 is organized by Dubai Chamber of Commerce & Industry and Thomson Reuters, held on 25th-26th November, 2013 at Madinat Jumeirah, Dubai, UAE under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of the UAE and Ruler of Dubai.
Thomson Reuters State of the Global Islamic Economy Report 2013Islamic_Finance
This groundbreaking report defines and provides a comprehensive view of the Islamic economy as well as its future potential to facilitate investments and industry growth.
The report is available for free download on https://www.zawya.com/islamic-finance/global-reports-2013/
‘London has become a major financial capital of the Muslim world.’ That statement may sound alarming at first, given that the United Kingdom is rightly a Christian country with an established Church.
Yet, it is thanks to this, and her evolution as a parliamentary democracy that has led to many British Muslims making this country their home, contributing to the UK economy and helping Britain become ever more prosperous.
Britain has had a long history with the Muslim world. Not just through the days of colonialism, but also as equal partners in trade.
State of the Global Islamic Economy 2013 ReportDinarStandard
Given the growing importance of the Global Islamic Economy, there is a distinct lack of a comprehensive view of the existing Islamic economy landscape as well as its future potential to facilitate investments and industry growth. The State of the Global Islamic Economy 2013 Report fills this gap and was exclusively released as part of the Global Islamic Economy Summit 2013.
The report was produced by Thomson Reuters in collaboration with DinarStandard.
The Report presents: 1) Key drivers of the global Islamic economy; 2) A global view of the Islamic economic landscape; 3) Market opportunity for each sector including current challenges; 4) Frameworks for businesses, governments and industry bodies to evaluate and engage with the global Islamic economy opportunity; 5) Existing and emerging centers of the global Islamic economy.
p.98 "Following the growing prominence of Halal food and Islamic finance, the global travel industry is slowly realizing the opportunity in addressing large and growing Muslim consumers unique travel related needs. Worldwide global brands such as Ritz-Carlton, destinations such as Queensland, Australia, and top international airlines such as Thai and others are already starting to address this opportunity by catering to the Muslim consumers faith based travel lifestyle needs."
http://www.americanmuslimconsumer.com
USA is the world’s largest economy made up of hundreds of healthy and robust sub-markets, as large as some national economies. One of those markets is the American Muslim Consumers. Muslims in America are estimated at 6-8,000,000 with an annual spending of over $200Bln. The Muslim Market in the USA is both healthy and rapidly growing.
Muslim consumers average a high level of education and income above average, with a strong appreciation for family living. While the American Muslim consumers share many purchasing behaviors as other Americans, there are some distinct advantages of the American Muslim Market. Like other Americans, Muslim consumers are also sophisticated and discriminating with an above average capacity to purchase.
The American Muslim consumer therefore provides a unique opportunity for companies in the USA.
1 The Scope and Challenge of International MarketingCHAPTER OUT.docxdorishigh
1: The Scope and Challenge of International Marketing
CHAPTER OUTLINE
Global Perspective: Global Commerce Causes Peace
The Internationalization of U.S. Business
International Marketing Defined
The International Marketing Task
Marketing Decision Factors
Aspects of the Domestic Environment
Aspects of the Foreign Environment
Environmental Adaptation Needed
The Self-Reference Criterion and Ethnocentrism: Major Obstacles
Developing a Global Awareness
Stages of International Marketing Involvement
No Direct Foreign Marketing
Infrequent Foreign Marketing
Regular Foreign Marketing
International Marketing
Global Marketing
Strategic Orientation
Domestic Market Extension Orientation
Multidomestic Market Orientation
Global Market Orientation
The Orientation of
International Marketing
CHAPTER LEARNING OBJECTIVES
What you should learn from
Chapter 1:
•The changing face of U.S. business
•The scope of the international marketing task
•The importance of the self-reference criterion (SRC) in international marketing
•The progression of becoming a global marketer
•The increasing importance of global awareness
Global Perspective: GLOBAL COMMERCE CAUSES PEACE
Global commerce thrives during peacetime. The economic boom in North America during the late 1990s was in large part due to the end of the Cold War and the opening of the formerly communist countries to the world trading system. However, we should also understand the important role that trade and international marketing play in producing peace.
Boeing Company, America’s largest exporter, is perhaps the most prominent example. Although many would argue that Boeing’s military sales (aircraft and missiles) do not exactly promote peace, over the years, that business has constituted only about 20 percent of the company’s commercial activity. Up until 2002, of Boeing’s some $60 billion in annual revenues, about 65 percent came from sales of commercial jets around the world and another 15 percent from space and communications technologies. Unfortunately, these historical numbers are being skewed by American military spending and the damage done to tourism by terrorism.
1 Even so, the company still counts customers in more than 90 countries, and its 150,000+ employees work in 70 countries. Its more than 11,000 commercial jets in service around the world carry about one billion travelers per year. Its NASA Services division is the lead contractor in the construction and operation of the 16-country International Space Station, first manned by an American and two Russians in the fall of 2000. The Space and Intelligence Systems Division also produces and launches communications satellites affecting people in every country.
All the activity associated with the development, production, and marketing of commercial aircraft and space vehicles requires millions of people from around the world to work together. Moreover, no company does more
2 to e ...
An Executive Briefing report that was one of the deliverables required for my International Business final group project: "The Apparel Market of Saudi Arabia: An Untapped and Growing Opportunity for US Firms." Other deliverables included a presentation and an individually written one-page summary of the report.
The Global Islamic Economy Summit 2013 is organized by Dubai Chamber of Commerce & Industry and Thomson Reuters, held on 25th-26th November, 2013 at Madinat Jumeirah, Dubai, UAE under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of the UAE and Ruler of Dubai.
Thomson Reuters State of the Global Islamic Economy Report 2013Islamic_Finance
This groundbreaking report defines and provides a comprehensive view of the Islamic economy as well as its future potential to facilitate investments and industry growth.
The report is available for free download on https://www.zawya.com/islamic-finance/global-reports-2013/
‘London has become a major financial capital of the Muslim world.’ That statement may sound alarming at first, given that the United Kingdom is rightly a Christian country with an established Church.
Yet, it is thanks to this, and her evolution as a parliamentary democracy that has led to many British Muslims making this country their home, contributing to the UK economy and helping Britain become ever more prosperous.
Britain has had a long history with the Muslim world. Not just through the days of colonialism, but also as equal partners in trade.
State of the Global Islamic Economy 2013 ReportDinarStandard
Given the growing importance of the Global Islamic Economy, there is a distinct lack of a comprehensive view of the existing Islamic economy landscape as well as its future potential to facilitate investments and industry growth. The State of the Global Islamic Economy 2013 Report fills this gap and was exclusively released as part of the Global Islamic Economy Summit 2013.
The report was produced by Thomson Reuters in collaboration with DinarStandard.
The Report presents: 1) Key drivers of the global Islamic economy; 2) A global view of the Islamic economic landscape; 3) Market opportunity for each sector including current challenges; 4) Frameworks for businesses, governments and industry bodies to evaluate and engage with the global Islamic economy opportunity; 5) Existing and emerging centers of the global Islamic economy.
p.98 "Following the growing prominence of Halal food and Islamic finance, the global travel industry is slowly realizing the opportunity in addressing large and growing Muslim consumers unique travel related needs. Worldwide global brands such as Ritz-Carlton, destinations such as Queensland, Australia, and top international airlines such as Thai and others are already starting to address this opportunity by catering to the Muslim consumers faith based travel lifestyle needs."
http://www.americanmuslimconsumer.com
USA is the world’s largest economy made up of hundreds of healthy and robust sub-markets, as large as some national economies. One of those markets is the American Muslim Consumers. Muslims in America are estimated at 6-8,000,000 with an annual spending of over $200Bln. The Muslim Market in the USA is both healthy and rapidly growing.
Muslim consumers average a high level of education and income above average, with a strong appreciation for family living. While the American Muslim consumers share many purchasing behaviors as other Americans, there are some distinct advantages of the American Muslim Market. Like other Americans, Muslim consumers are also sophisticated and discriminating with an above average capacity to purchase.
The American Muslim consumer therefore provides a unique opportunity for companies in the USA.
1 The Scope and Challenge of International MarketingCHAPTER OUT.docxdorishigh
1: The Scope and Challenge of International Marketing
CHAPTER OUTLINE
Global Perspective: Global Commerce Causes Peace
The Internationalization of U.S. Business
International Marketing Defined
The International Marketing Task
Marketing Decision Factors
Aspects of the Domestic Environment
Aspects of the Foreign Environment
Environmental Adaptation Needed
The Self-Reference Criterion and Ethnocentrism: Major Obstacles
Developing a Global Awareness
Stages of International Marketing Involvement
No Direct Foreign Marketing
Infrequent Foreign Marketing
Regular Foreign Marketing
International Marketing
Global Marketing
Strategic Orientation
Domestic Market Extension Orientation
Multidomestic Market Orientation
Global Market Orientation
The Orientation of
International Marketing
CHAPTER LEARNING OBJECTIVES
What you should learn from
Chapter 1:
•The changing face of U.S. business
•The scope of the international marketing task
•The importance of the self-reference criterion (SRC) in international marketing
•The progression of becoming a global marketer
•The increasing importance of global awareness
Global Perspective: GLOBAL COMMERCE CAUSES PEACE
Global commerce thrives during peacetime. The economic boom in North America during the late 1990s was in large part due to the end of the Cold War and the opening of the formerly communist countries to the world trading system. However, we should also understand the important role that trade and international marketing play in producing peace.
Boeing Company, America’s largest exporter, is perhaps the most prominent example. Although many would argue that Boeing’s military sales (aircraft and missiles) do not exactly promote peace, over the years, that business has constituted only about 20 percent of the company’s commercial activity. Up until 2002, of Boeing’s some $60 billion in annual revenues, about 65 percent came from sales of commercial jets around the world and another 15 percent from space and communications technologies. Unfortunately, these historical numbers are being skewed by American military spending and the damage done to tourism by terrorism.
1 Even so, the company still counts customers in more than 90 countries, and its 150,000+ employees work in 70 countries. Its more than 11,000 commercial jets in service around the world carry about one billion travelers per year. Its NASA Services division is the lead contractor in the construction and operation of the 16-country International Space Station, first manned by an American and two Russians in the fall of 2000. The Space and Intelligence Systems Division also produces and launches communications satellites affecting people in every country.
All the activity associated with the development, production, and marketing of commercial aircraft and space vehicles requires millions of people from around the world to work together. Moreover, no company does more
2 to e ...
There were Prime Ministers, Presidents, Royalty and senior representatives from: Bahrain, Bangladesh, Bermuda, Bosnia and Herzegovina, Brunei, Indonesia, Iraq, Jordan, Kazakhstan, Kosovo, Kuwait, Malaysia, Morocco, Pakistan, Turkey and the UK. Four key areas of interest were signposted and championed throughout: women, youth, education, and SMEs (small and medium enterprises). WIEF showcased the role that art, culture, and creativity play in the lives of young people within a global economy - as a means for economic empowerment and social enterprise.
World Expo 2020 in Dubai, UAEThe United Arab Emirates (UAE) was .docxdunnramage
World Expo 2020 in Dubai, UAE
The United Arab Emirates (UAE) was established in 1971 and is a country located in the Middle East. The country is often called “the Emirates” or simply “UAE.” UAE borders the Gulf of Oman and the Persian Gulf. Neighboring countries include Oman and Saudi Arabia, and UAE also shares sea borders with Quatar, Iran, and Pakistan. Strategically, UAE is in an important location along the southern approaches to the Strait of Hormuz, a transit point for the world’s crude oil. UAE is also in the top 10 countries for the largest oil reserves in the world.
The geography of UAE includes lots of rolling sand dunes of desert and also mountains in the eastern part of the country. The government consists of a federation with specified powers delegated to the UAE federal government and other powers reserved to the member emirates (equivalent to principalities). The chief of state is the president and the head of government is the prime minister. UAE has an open-market economy in which the prices of products and services are set using a free price system.
The foundation for this market economy lies in the collaboration between the seven emirates that are part of the UAE. They include the emirates of Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain. Each emirate is governed by a hereditary emir, similar to succession planning in countries with royalty (king or queen) as the head of state. These emirs jointly make up the Federal Supreme Council, which serves as the highest legislative and executive body in the UAE. One of the seven emirs is selected as the president of the United Arab Emirates. The capital of the country is Abu Dhabi, Islam is the official religion, and Arabic is the official language. Most people have heard of Abu Dhabi and Dubai because they are the country’s centers of commercial and cultural activities. Dubai is UAE’s most populous city, with more than 2 million people, and it has emerged as a true global city with an eclectic cultural makeup. It also has a strategic location as a business gateway for the Middle East and Africa for multinational enterprises from all of the world’s continents.
Dubai has frequently been rated as one of the best places to live in the Middle East (although it is also one of the most expensive). The emirate of Dubai has been ruled by the Al Maktoum family since 183; the emirate is considered a constitutional monarchy. In 2013, the Norway-based Global Network for Rights and Development ranked UAE as the 14th country in its annual International Human Rights Indicator report. This was a first among Arab countries, with the next Arab country on the list, Tunisia, at a distant 72nd place. Only about 10 percent of the population in Dubai are Arabs, with the remaining 90 percent being expatriates. Most of the expatriates are from Asia, with India (50 percent) and Pakistan (16 percent) prominently featured. The largest group of Westerners is from the United King.
The following presentation is on the topic- GLOBALISATION AND INDIA
It includes :-
# INTERNATIONALBUSINESS
# TYPES OF BUSINESS
# GLOBALISATION
# CAUSES
# EFFECTS
# GLOBALISATION IN INDIA
# EFFECTS
# SOME GRAPHICAL DATA
# SUCCESSFUL INDIAN COMPANIES
# THE END
Similar to Muslim Economies, Islamic Economies and Brand Islam (20)
The advertising revolution will not be televised anymore. Smart minds, smart mouths, smart phones, smart thumbs, and smart messaging are the essence of the New School multi-screen scene. The revolution will be devised by advertisers who can act like rappers, and crack stats like mathematicians.
North American: brands, advertising agencies, marketing professors, brand gurus, and celebrities have been most successful in dominating Global rankings. As a by-product of this, literature frequently refracts branding thought and practise through a English(US) and Christian lens, even if unintended. In this article, I highlight an optical phenomenon present and a rainbow of religious pluralism.
My argument is that future competitive advantage will result from authentic brands that resonate with more of the attributes of different religions explicitly from guiding first principles.
Furthermore, this has to be about appraising the implications of introducing different religions into branding as theory, as opposed to an upstream consumer targeting and advertising practise.
Dr Jonathan A.J. Wilson’s August column in the Marketeers Magazine http://marketeers.com/
on: Ramadan, how marketing comms is like a game of squash or volleyball, DKNY and Uniqlo Muslim fashion, KIN Global, and ISIS.
I’m a big fan of martial arts – whether that's practising them or watching a movie. They have also had a massive influence on my day job as a Marketer, Mentor, and Lecturer. In this article I am going to give you a brief insight into why - and maybe how Bushidō (the way of the samurai) could help you too in the workplace.
Ever since Veblen and Simmel, luxury has been synonymous with conspicuous consumption. In this conceptual paper we demonstrate the rise of inconspicuous consumption via a wide-ranging synthesis of the literature. We attribute this rise to the signalling ability of traditional luxury goods being diluted, a preference for not standing out as ostentatious during times of economic hardship, and an increased desire for sophistication and subtlety in design in order to further distinguish oneself for a narrow group of peers. We decouple the constructs of luxury and conspicuousness, which allows us to reconceptualise the signalling quality of brands and the construct of luxury. This also has implications for understanding consumer behaviour practices such as counterfeiting and suggests that consumption trends in emerging markets may take a different path from the past.
UNDERSTANDING AND ADDRESSING DIVERSITY IS AT THE HEART OF EVERY MARKETING ACTIVITY – WHETHER THAT'S ON A LOCAL, INTERNATIONAL, OR GLOBAL LEVEL. AS MORE MARKETERS RECEIVE FORMAL TRAINING AND QUALIFICATIONS, HOW SUCCESSFUL ARE THESE PROVIDERS AT PROVIDING A PLATFORM FOR NURTURING DIVERSE PROFESSIONALS WHO ARE COMPETENT IN THE ART OF IMPLEMENTING DIVERSITY CONCEPTS? IN THIS ARTICLE, THE FOCUS IS ON NATIONAL, ETHNIC, AND CULTURAL DIVERSITY.
Culture and Marketing make us human. Without culture, can there be any such thing as marketing? Without marketing, does culture survive? In the widest sense, we are all producers, consumers, and marketers of culture. At the time of writing this article, the cherry blossom blooming outside of my window gave me inspiration. Like culture, cherry blossom epitomizes both transience and symbolic transcendence, governed by environmental factors - with the petals symbolizing the connected and overlapping levels at which culture exists
‘Being able to work in a global environment’, is a phrase that is now etched onto the job descriptions
of most marketers and enshrined in today’s strategy documents. Whether that’s a reality or an aspiration - either way it’s something that requires constant work and evaluation. In this article I’m going to share some of my recent thoughts and experiences.
Here are my seven suggested areas that you should evaluate:
1. Nation Branding and National Identity
2. Cultural Ethnicity and Religion
3. Innovation and Creativity
4. Education and Training
5. Balancing Standardization and Localization
6. Networks and Channel partners
7. Multi-layered messaging
If companies acknowledge the value of employee branding; and professionals are serious about seeing themselves as brands too: maybe we should be moving towards a new system and brand architecture - where we actually calculate the brand value of more professionals, and then incentivise and reward their social media network activities?
Understanding And Addressing Diversity Is At The Heart Of Every Marketing Activity – Whether That’s On A Local, International, Or Global Level. As More Marketers Receive Formal Training And Qualifications, How Successful Are These Providers At Providing A Platform For Nurturing Diverse Professionals Who Are Competent In The Art Of Implementing Diversity Concepts? In This Article, I Will Be Focussing On National, Ethnic, And Cultural Diversity.
You’re putting the finishing touches to your last degree assignments, cramming for your final exams; and now the moments you’ve been waiting for are almost ‘round the corner – no more study, graduation, and getting a job. Here are some tips to help you along the way.
Slides are from my masterclass delivered on 10th December 2013, in the Philip Kotler Theatre, MarkPlus Inc. headquarters, Jakarta, Indonesia.
My take is founded on two simple principles:
Firstly, that the best clues as to who we are, and what we think, feel, and do, can be found through investigating the tangible and intangible:
- Media, brands and associated objects that we possess and consume
- Diversity in friends, family, jobs and hobbies
- Rituals that we engage in
- And ethno-cultural experiences around us.
Second of all, that Marketing has become the new core skill of everyone. Consumers aren't just being marketed to, they also take part in marketing the things that they consume and even themselves. This also extends outside of consumer marketing and into business-to-business (B2B) and personal branding settings.
There are numerous articles out there on communication and how to communicate effectively – whether that’s you, or your products and services. What I’m going to do here is give you a whistle-stop tour of some theories and guiding principles behind what factors influence communication. If you know what to look for, then you can start to understand how you can respond better. The idea being that good communication means knowing when, where, and how to play good-natured ‘games’.
This article is a further expansion of the marketing 3.0 concept in the book by Philip Kotler, Hermawan Kartajaya, and Iwan Setiawan. Here I present a new conceptual model: i-marketing 3.0, which is about highlighting the importance of forging geographies of ‘collective individualism’ and ‘individual collectivism’ – influential offerings embedded in culture, with distinct yet fluid identities and personalities; which are intuitive, sharing, and accessible.
Wilson, J.A.J. (2013), “I-Marketing 3.0”, The Marketeers, September, Indonesia: MarkPlus Inc., pp.80-83.
Culture and Marketing make us human. Without culture, can there be any such thing as marketing? Without marketing, does culture survive? In the widest sense, we are all producers, consumers, and marketers of culture. At the time of writing this article, the cherry blossom blooming outside of my window gave me inspiration. Like culture, cherry blossom epitomizes both transience and symbolic transcendence, governed by environmental factors - with the petals symbolizing the connected and overlapping levels at which culture exists. Furthermore, in Asian culture, the cherry blossom marries power (most notably by the samurai), and femininity. My message and allegory is simple: C.H.E.R.R.Y. – Culture Has Environmental Reliance Relevance & Yield. Culture will blossom in the right conditions - it is hardy, whilst also being delicate. However, it begins to have value beyond its functionality and the potential to spread and grow when it is owned, cultivated and used.
Wilson, J.A.J. (2013), “Why culture matters in marketing and where?”, The Marketeers, June, Indonesia: MarkPlus Inc., pp.78-84.
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The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
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Muslim Economies, Islamic Economies and Brand Islam
1. aestro
aestro
Brand Islam’s
quest to
breathe and breed
superpowers
Jonathan (Bilal) A.J. Wilson
Senior Lecturer & Course Leader,
University of Greenwich, London UK
Editor: Journal of Islamic Marketing,
Emerald Group Publishing.
Pragmatically, my view is that the term ‘Muslim economy’ more accurately represents the
state of current markets; and an ‘Islamic economy’ is an aspirational goal for the same
rapidly growing sectors. These are aspirations aiming to encourage the harmonization
of Muslim geographies, further collaboration, and a positive commitment towards
celebrating the spirit of spirituality in trade and commerce. In this article I report my
findings following November’s Global Islamic Economy Summit held in Dubai.
In my last piece on October’s 9th World
Islamic Economic Forum (WIEF), I quoted
UK Prime Minister David Cameron’s bold
statement, of wanting “London to stand
alongside Dubai and Kuala Lumpur as one of
the great capitals of Islamic Finance anywhere
in the World”. With London providing a
financial hub and legal system to Kuala
Lumpur and Dubai - and not to mention a
shared love of three pin plugs and English
Premier League football, this appears to
be a realistic target. London also put itself
squarely on the map for the caravans of
business and commerce drawing from
Islamic principles - as it was the first time
the event had been held outside of the
Muslim world.
However, on the 25th and 26th November,
in collaboration with the Dubai Chamber
of Commerce and Thomson Reuters, HH
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Sheikh Mohammad Bin Rashid Al
Maktoum, UAE Vice President,
Prime Minister and Ruler of
Dubai inaugurated the first
Global Islamic Economy
Summit (GIES) in Dubai.
Here, the UAE laid down a
marker as to why they should
be taken seriously as the
major player in the arena.
Having been an active
participant in both WIEF
and GIES over the past
few months, I’ve had a
good opportunity to
reflect upon the
similarities and
differences.
Perhaps
the most
2. significant fact was that WIEF and GIES
chose to tackle the field of Islamic
economies almost exclusively in English,
which in turn firmly places Dubai, Malaysia,
and UK towards the front of pack in a
battle for pole position. In many ways
to the uninitiated the differences appear
marginal.
For a quick explanation, I’d like to
make an analogy between these events
and the partisan online discussions I’ve
observed concerning DC and Marvel
comic superheroes. In many ways to the
uninitiated this means that the differences
appear marginal. It also indicates that
the aims and aspirations of the key
players, amongst communities of avid
and opinionated supporters, are great.
Unconventional and eclectic I know – but
I’m sure you get the picture; and can you
blame me with so many movies out there?
DC characters [read WIEF] are
heroes first. There were Prime
Ministers, Presidents, Royalty and senior
representatives from: Bahrain, Bangladesh,
Bermuda, Bosnia and Herzegovina, Brunei,
Indonesia, Iraq, Jordan, Kazakhstan, Kosovo,
Kuwait, Malaysia, Morocco, Pakistan,
Turkey and the UK. Four key areas of
interest were signposted and championed
throughout: women, youth, education, and
SMEs (small and medium enterprises). WIEF
showcased the role that art, culture, and
creativity play in the lives of young people
within a global economy - as a means
for economic empowerment and social
enterprise. Furthermore, as the London
event raised a flag on non-Muslim soil, it
signalled both the intentions of Muslim
geographies under one banner, and UK
plc’s appetite for the green Muslim dinar.
Marvel characters [read GIES] are
more about the challenges of handling
superpowers. GIES focussed more
on industry challenges, largely from a
practitioner’s perspective. There were a
series of well-coordinated and rich special
interest parallel sessions, with Twitter
feeds and audience voting, which tackled
key battlegrounds and business issues. For
example, a significant number of delegates
felt that the name Islamic finance posed
problems and created barriers – however,
they also felt that the name shouldn’t be
changed.
Dubai was on the charm offensive
and they demonstrated mastery in how
to market, create a buzz, and deliver a
memorable experience. GIES, held in
the picturesque and arabesque Madinat
Jumeirah, was free-entry and streamed live
by Amilin TV. Delegates were treated to
gourmet food throughout the two days;
a gala dinner; free Wi-Fi enabled tablets
(for keeps), uploaded with an interactive
conference programme App, also including
everyone’s’ contact details. Driving through
Dubai, I saw posters everywhere for the
GIES, where there was a distinct absence
in London for WIEF. Dubai taxi drivers
also spoke with pride about Dubai’s World
Expo 2020 campaign.
Whilst the UK hosted some nail
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biting international rugby matches the
following weekend, Dubai too hosted the
Rugby World Sevens Series. Monday 2nd
December was also the 42nd National
Day of the United Arab Emirates, and in
preparation there were any number of cars
with their bodywork film wrapped in UAE
colours, flags and slogans. The world was
privy to a nation aspiring to weave Islam
into a framework of coexistence, similar
to that of Malaysia, which has long been
seen as the front runner in the Muslim
world. Dubai knows how to throw a party.
The question remains as to whether
the torchbearer should be in Europe,
the Middle East, or Southeast Asia - or
if each nation’s end game has room to
accommodate a triadic union, which would
surely offer a greater good globally.
Thomson Reuters unveiled their State
of the Global Islamic Economy report, in
conjunction with DinarStandard to the
3,000 international delegates. The executive
summary of the report outlines that in
aggregate, the global expenditure of Muslim
consumers on food and lifestyle sectors is
estimated to be $1.62 trillion in 2012 and
is expected to reach $2.47 trillion by 2018.
In addition over the same period, Islamic
financial assets are estimated to be $1.35
trillion in total disclosed assets (2012)
and growing at 15-20% a year; taking the
potential universe of Islamic banking assets
in its core markets to be $4.1 trillion. The
report also highlights that many challenges
confront this opportunity, including
those surrounding: standardization and
compliance, supply chain integrity, human
capital deficit, consumer education,
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global positioning, venture financing, and
operational excellence. It was these areas
that formed the topic areas tackled in
separate panel discussions.
I spoke in the session on ‘Understanding
Muslim Consumers’ and presented
three main arguments. Firstly, that care
was needed concerning the ABCs –
Authenticity, Balance and Communication.
Now that ‘Brand Islam’ is here on centre
stage, there is a real risk of Muslims
either being seen as aliens, in that they
are too different; or instead of adopting
an ambassadorial position, where cultural
differences and challenges are painted
over with a veneer of wanting to present
perfection and uniformity – both of
which would be harmful in the long term.
Secondly, whilst much of the talk and many
of the headlines are about Halal and Islamic
finance, an Islamic economy has to be
about more than ‘meat and money’. Finally,
I cast an eye to how the Japanese and
Germans were able to change perceptions
and rebrand post war, by leading on
and creating new universal standards
of high quality, performance, efficiency,
sophistication, and desirability. Made
in Germany or Japan used to be labels
designed to alienate and separate. Now
however, they are successful tools and
brand promises with global social capital.
Post 9/11 for me the growth of the Islamic
economy is about overcoming negative
perceptions, but also it has to be about
more than achieving regulatory compliance
– it has to champion excellence.
Following the same theme, Dubai is
looking to grow its knowledge economy
over the next few years; and the 2020
Dubai Expo no doubt will be a catalyst for
developing accelerated growth in Islamic
economies in the region. An estimated
total funding of €6.5 billion has been
earmarked for the Expo, with €5.2 billion
anticipated as capital investment for the
Expo’s infrastructure environment. Dubai’s
economy is also set to receive an added
value boost of roughly €17.7 billion, and
there will be a race to recruit top talent. So
it is likely that we going to see a brain drain
from elsewhere.
I caught up with Dubai-based Piers
Schreiber,Vice President of Corporate
Communications & Public Affairs and
several of his colleagues in the marketing
department, at the Jumeirah Group. Piers
said that,
“the Expo will create up to 270,000 jobs in
the region, bringing great economic and social
benefits. As a hotel company we are interested
in three things: attracting guests, attracting the
best talent to work for us and attracting new
opportunities to grow the brand.”
4. Jumeirah has always catered for a diverse
customer base including Muslim guests.
Their guests expect a customised service,
which is the hallmark of luxury hospitality.
They have been skilled at integrating a wide
variety of customer needs and preferences
into their service offerings, respecting
the individual needs of guests, which is
reflected in their slogan ‘Stay Different’.
Therefore, with the growing trend of
Islamic finance and tourism labelled as
Islamic, they are well placed to cater for
Muslim travellers through the delivery of
appropriate amenities and services, not
only in their home base of Dubai, but
in their expanding network of hotels in
Europe, the Middle East and Asia. From a
marketing perspective this amounts to an
alignment of values – around the family,
around culturally appropriate amenities
and services, around privacy and of course
hospitality – so that wherever Muslim
travellers go in the Jumeirah network of
hotels, they feel ‘at home’.
From speaking to Baroness Warsi,
Senior Minister of State at the UK Foreign
& Commonwealth Office, at both WIEF
and the GIES: its clear from her list of
engagements and our interviews that UK
plc is serious about ‘Brand Islam’, and the
feeling is mutual from other nations. In her
speech at GIES, Baroness Warsi likened
investor behaviour to the metaphor of
watching a flock of birds. She said that
when one bird arrives, one by one others
congregate. However, it only takes one
clap for them all to fly away. Afterwards,
she was quick to clarify to me that her
comments were directed at organisations,
rather than any suggestion that these were
the sentiments of Western nations. For me,
the challenge for the UK appears to be if
they can stay on the pace, or whether it
will remain an island outpost to the Muslim
world.
Islamic finance and banking has grabbed
many headlines, but a recent survey by the
World Bank, shows that only 2% of the
5,000 Muslims surveyed in Algeria, Egypt,
Morocco, Tunisia, and Yemen use Islamic
banking services. So there’s still plenty of
work to be done and there’s great growth
potential.
Indonesia is a sleeping giant in all of
this – with her thousands of islands and
over 200 million Muslims, which make
it the most populous Muslim nation on
the planet. When I interviewed Sapta
Nirwandar, Indonesian Deputy Minister
for Tourism, after his panel session, he said
that,
“Islamic finance offers a valuable
contribution to the global arena, post crisis.
Most crucially, it champions the importance of
responsibility and restricts speculation to that
gained from productive effort.”
Importantly for Indonesia in the future,
Sapta talks of how an Islamic economy has
to be used to attract domestic and foreign
interest – through taking a lead in the
creative economies.
At the MarkPlus Conference 2014,
‘Market-ing in the New New Indonesia’, on
December 12th in Jakarta, I was wowed by
The Real WOW (Wonders of the World)
Night, held in the Ritz Carlton Ballroom,
in conjunction with Indonesia’s Ministry
of Tourism. There were 5000 delegates,
500 companies, and 50 speakers from
morning until evening, which culminated
in a breathtaking three-hour concert; with
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performers using traditional and modern
musical instruments. I am hopeful that
Indonesia can wake and then shake the rest
of the world with such rich experiences
and traditions.
Currently, Halal is the real powerhouse
driving Islamic economies, with proven
results indicating both demand and
consumption. Ibrahim Issa, a representative
from Emirates Airlines, remarked from
the floor in a session on Halal at Emirates
Airlines are able to produce 120,000 Halal
meals per day across all of their flights. Halal
is an Arabic word that has now become
the most popular way to indicate which
products and services are deemed to be
permissible according to Islam. Whilst
Muslims are empowered to make their
own judgements as to what is Halal, the use
of this term is now commonly associated
with a logo, issued by a certifying body.
Previously, where consumers in Muslim
majority countries held the opinion that
Halal ingredient branding was of little
need: especially in the wake of recent food
and pharma scandals, now more Muslims
and non-Muslims are seeking reassurance
through an additional layer of certification
and quality control – alongside other trends
like organic, and Fair Trade.
This in many ways mirrors a bigger trend,
where globalization and mass production,
is juxtaposed with a desire for humanized
and more cultural commodities, linked to a
wider code of ethics. So just like switching
from full fat coke to zero, light, or diet; or
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maybe even the recent launch of a new
‘green’ Coca Cola Life: the crescent moon
of the green dinar is rising. Furthermore,
the Halal sector is now extending its reach
to encompass cosmetics, fashion, pharma,
tourism and professional services.
But why the shift towards an Islamic
economy, rather than just economic
growth? Well, if we put the argument to
one side for Muslims having to practice
what they believe in according to their
faith, then there are other benefits.
Indicators are that the strength of an
Islamic economy is that it resonates
with Muslims eliciting greater feelings of
authenticity, ownership and engagement which in turn drive loyalty.
Pragmatically, it would appear that the
term Muslim economy is a more accurate
representation of the state of the market
here and now; and an Islamic economy
is an aspirational one – encouraging a
harmonization of Muslim geographies,
further collaboration, and a positive
commitment towards celebrating the spirit
of spirituality in trade and commerce.
This is the Muslim world’s perspective
on anthropological economics, where
emotions sit side by side with rational
transactions. Reciprocity is a collective
obligation and a fundamental aspect of
human existence, used to create tangible
and intangible wealth, and social capital
throughout the pyramid. Accountability
extends beyond this life to the hereafter,
and individuals are reminded that they
should practice what they preach. A saying
from the Prophet Muhammad (peace
be upon him) reminds people that they
should love for others what they love
for themselves. This for me is the key
contribution of an Islamic economy. The
reminder, which is especially poignant
in the shadow of recent events, that
professionalism cannot be judged by the
creation of a product and service. Profits
inspired from prophethood exact that
individuals stand beside their offerings and
audiences.
A key take home from the conference
speakers and reports is that there appears
to be strong interest from non-Muslims
who see a value in many of the same
universal principles and ethical stances
espoused at the summit. I think this also
signals that the role of faith in business and
consumerism across religions is on the rise.
But whether we see Buddhist economics,
Zen banking, or Kosher finance - who
knows?