UAE-based Aafaq Islamic Finance recently entered into a strategic agreement with Emirates College of Technology (ECT) to promote Islamic banking and finance.

Under the Memorandum of Understanding (MoU), Aafaq’s ‘Institute of Finance and Management’ will implement occupational training programmes focusing on the Islamic economy, its theories and applications, as well as topics that support banking and financial establishments in general.

The MoU lays the foundation for strong cooperation in terms of human resource development, research and consultancy in the field of Islamic finance.

Aafaq’s CEO Dr Mahmoud Abdelaal and ECT’s president Prof Bruce Douglas Taylor signed the MoU that also enjoins both sides to identify other areas of collaboration to further boost their strengths and attain their respective goals.

Prof Taylor said: “In order for us to be recognized as one of the UAE’s leading private universities, we make important investments to ensure that we provide only top quality teaching, research and community services to all our stakeholders.”

“We put a high premium on the skills of our people in accordance with our commitment to the country’s shift towards a knowledge-based economy. Our agreement with Aafaq, which is known for its expertise in Islamic finance, is a big leap towards the realization of our vision and mission. The MoU will pave the way for us to establish mutually beneficial initiatives that will serve our best interests. We look forward to working closely with Aafaq to explore more fruitful development avenues,” he added.

Dr Abdelaal said: “Our partnership with ECT is yet another valuable opportunity for us to reinforce knowledge and human capital capabilities in the field of Islamic banking and finance.”

“We are confident that the scientific research and consultancy components of our MoU will further drive growth in this sector, thus bringing us closer to our main objective of helping establish Dubai as the capital of the international Islamic economy.

“Our expertise, skills and resources to undertake education, training and research in Islamic banking and finance and other related areas strongly complement ECT’s initiatives aimed at investing in employee development and promoting a research environment as part of its contributions to society. We welcome our partnership with them as both parties are fully committed to producing relevant and meaningful results that will ultimately help in the UAE’s advancement and progress,” he concluded. – TradeArabia News Service