CBUAE & DIEDC join forces to boost Islamic finance sector

By Rahul Vaimal, Associate Editor
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The Central Bank of the UAE (CBUAE) has signed a memorandum of understanding (MoU) with the Dubai Islamic Economy Development Centre (DIEDC) targeting the expansion of the Islamic banking sector.

The Deputy Governor of the CBUAE, Saif Hadef Al Shamsi and Abdulla Mohammed Al Awar, CEO of DIEDC, signed the agreement. With this new deal, the two entities will work hand in hand in conducting research and exchanging knowledge to improve their performance. 

Further, the CBUAE and DIEDC will jointly host international seminars and meetings, develop awareness projects, build technical capabilities as well as contribute to areas that aid the development of Islamic finance.

The entities will jointly set up a team to review the execution of the MoU who is responsible for preparing regular reports that needs to be submitted to the higher officials of each organization.

This agreement portrays the dedication of CBUAE to improve the strategic ties across the entities of the banking and financial sector as well as integrates its efforts to ensure that plans and initiatives work for a unified goal, said Mr Al Shamsi.

Abdullah Mohammed Al Awar

“Our latest agreement with the Central Bank of the UAE to enhance strategic cooperation in Islamic banking is part of our sustained efforts to expand the Centre’s strong base of strategic partners in all sectors of the Islamic economy and will contribute significantly to implementing our operating plans to boost Dubai’s credentials as a global capital of Islamic economy.”

The CBUAE and DIEDC seek to rapidly increase the development and growth opportunities of both the banking and financial Islamic sector. The agreement also targets to initiate programs that would aid in gaining the best result to boost the Islamic finance sector in the UAE.