Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has issued directives to hold the Islamic Economy Week from October 27 to November 1.

The event will be organised by the Dubai Islamic Economy Development Centre (DIEDC), state news agency WAM reported on Monday.

"I look forward to productive discussions on effective ways of boosting Islamic economy growth and unlocking opportunities to advance sustainable global economic development. We are keen to encourage new creative approaches that can open fresh horizons that unleash the potential of the Islamic economy," said Sheikh Hamdan in comments published by WAM.

Sheikh Hamdan said that the Islamic Economy Week promises to generate new ideas to harness the potential of the Islamic economy and its ethical systems to make it a greater force for sustainable growth.

The Islamic Economy Week will host the fourth Global Islamic Economy Summit on October 30 and 31 and will also feature the first Islamic Creative Economy Competition.

Sultan bin Saeed Al Mansouri, Minister of Economy and chairman of the DIEDC, said the initiative will spotlight the importance of the Islamic economy as a robust and less volatile alternative to conventional economies.

The Islamic Economy Week has been conceptualised five years after the launch of the Dubai: The Capital of Islamic Economy initiative.

Al Mansouri said: "The initiative to position Dubai as a global capital of Islamic economy has been gaining steady momentum since its launch in 2013, and even more so after the DIEDC strategy was updated in 2017."

He added that DIEDC will continue to cooperate with top institutions and stakeholders in devising mechanisms to accelerate the growth of Islamic economic sectors, especially Islamic finance that is expected to be valued at around $3.8 trillion by 2022.