The "Central Bank" and "Dubai for the Development of the Islamic Economy" are cooperating to develop Islamic banking

The UAE is an important center for Islamic finance.

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The Central Bank signed a Memorandum of Understanding with the Dubai Center for the Development of Islamic Economy, with the aim of strengthening cooperation between the two sides in the field of Islamic banking, based on a common desire to consolidate coordination and cooperation in areas of common interest.

The MoU was signed by the Deputy Governor of the Central Bank, Saif Hadef Al Shamsi, and the Executive Director of the Dubai Center for the Development of Islamic Economy, Abdullah Muhammad Al Awar.

The agreement aims at cooperation between the two parties in projects of common interest in Islamic banking, joining efforts in issuing joint research and exchanging relevant information, to enhance the expertise of the two parties, in addition to cooperation in organizing seminars, conferences and international meetings, awareness projects, building technical capacities and coordination in areas that support development And upgrading Islamic finance.

The Memorandum of Understanding stipulated that the two parties commit to forming a joint working group to follow up the implementation of the terms of the agreement, and to prepare periodic reports on the procedures being implemented, provided that the reports are submitted to the competent authority of each of the parties to take appropriate decisions regarding them.

Saif Hadef Al Shamsi confirmed that «the memorandum of understanding reflects the direction of the Central Bank to strengthen strategic ties with various parties in the banking and financial sector, and to unify efforts to ensure the alignment of plans and initiatives with the future directions of the country and achieve common goals», indicating that the UAE has a leading position in the world. In the field of finance and business, and is an important center for Islamic finance.

For his part, Abdullah Muhammad Al Awar said, “The conclusion of this agreement with the Central Bank to enhance strategic cooperation between the two sides in the field of Islamic banking comes within the center’s endeavors to expand the base of strategic partners in all sectors of the Islamic economy, with the aim of implementing its operational plans aimed at strengthening Dubai’s position as the capital. Of the Islamic economy, and strengthening its position as a global center for Islamic economy ».

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