Dubai the capital of the islamic economy : an analysis of the critical success factors and Islamic branding

Abstract

This study is an empirical investigation on three out of seven pillars of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and prime minister of the United Arab Emirates the Ruler of Dubai about Dubai’s vision for becoming the capital of the Islamic economy. The study is structured around three essays, each addressing one pillar. The first essay is an analysis of the critical success factors for the Islamic finance pillar. This pillar has eight initiatives, which were identified by Dubai’s leadership as the strategic areas which have to be implemented in order to position Dubai as the global Islamic finance hub. This study has prioritized the eight initiatives, a process that has revealed that initiatives related with standardization are more highly regarded than others. In addition, critical success factors have been identified for at least three initiatives. The success factors have then been ranked and discussed. The second essay focuses on Islamic tourism. The study has analyzed the effect of Islamic branding on Dubai’s tourism. It has applied the theory of planned behavior to test tourists’ intention to visit Dubai, given its new Islamic brand. Results reveal that Islamic branding has a positive and significant effect on both attitude and subjective norm, but the effect on perceived behavior control is insignificant. The last essay looks at the halal food and beauty products pillar. It is an assessment of Dubai consumer’s intention to use halal food and beauty products based on the theory of reasoned action. The results reveal that both attitude and subjective norm have a positive and significant effect on consumers’ intention to use halal products. This study provides the first empirical evidence on Dubai’s capital of the Islamic economy vision. Hence the study plays a dual role: first it extends the frontier of scientific knowledge through modeling and applying the theories of planned behavior and reasoned action to confirm individual behavior. Secondly, the study will guide policy implementation in Dubai with regard to the vision.