UAE’s Ministry of Finance (MoF) has signed an agreement with Dubai Islamic Economy Development Centre to exchange experiences and coordinate on matters related to the strategic plan for ‘Dubai the Capital of Islamic Economy 2017-2021’.

The Dubai Islamic Economy Development Center (DIEDC) plans to update the strategy for ‘Dubai the Capital of Islamic Economy’ to be aligned with UAE Vision 2021 and Dubai plan 2021, as well as other current developments.

The Memorandum of Understanding (MoU) was signed by Younis Haji Al Khoori, Undersecretary of MoF and Abdulla Mohammed Al Awar, chief executive officer at DIEDC.

Al Khoori stressed the importance of signing a MoU for its significant role in strengthening mutual coordination and cooperation, to contribute to the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai aimed at strengthening the UAE status and the Emirate of Dubai as the capital of Islamic economy.

Al Khoori highlighted the Ministry’s influential role during the first phase of the strategy, which was reflected in the coordination of several meetings to review proposals and present initiatives in international and regional conferences.

The Ministry is also working closely with international and regional financial institutions such IDB and IMF to develop the initiative of ‘Dubai as the Capital of Islamic Economy’. A MoU was signed with IDB on developing the Islamic economy and Islamic banking sector in 2013, making the bank the largest sukuk issuer on Nasdaq Dubai.

Al Khoori added: “The Ministry seeks to strengthen cooperation with various local, regional and international organisations to benefit from different expertise in putting in place a legislative framework to develop the Islamic finance sector and support two way trading. This in turn helps in the rise of the Islamic finance industry as well achieving UAE vision 2021 and Dubai plan 2021. The Ministry has contributed its part across different organisations to develop the initiative ‘Dubai the Capital of Islamic Economy’ and strengthen the Islamic financial system, to serve the economic policy and highlight the active role of joint strategic partnership.”

Al Awar said: “The MoU represents a step further in achieving our strategic objectives to position Dubai and UAE as pioneer of Islamic economy in the world, establish strategic partnerships for the prosperity of the industry, and contribute to developing a knowledge based infrastructure of the Islamic economy, specifically in the finance sector which requires national cadres with high competence to lead the growth of this vital sector that support the Islamic economy sector.”

“By implementing this MoU, we aim to bring the right minds together to develop and innovate new financial products and solutions to unify the standards and assets of Islamic financial transactions,” he added.

As stipulated by the MoU, both parties will work on developing more Islamic Economy educational programmes, exchanging relevant information, holding regular meetings to follow up on the implementation of all activities and preparing reports on results of the levels of cooperation between the two parties.

The Ministry of Finance works alongside many international and regional financial institutions, including the Islamic Development Bank (IDB) and the International Monetary Fund (IMF) and others organisations to develop the government financial work in the country. – TradeArabia News Service