The Dubai Islamic Economy Development Centre (DIEDC) and Bosna Bank International (BBI) have agreed to foster collaboration between Dubai and Bosnia and Herzegovina in developing the Islamic economy sectors.

The agreement also aims to strengthen cooperation between the two markets by leveraging the knowledge and expertise of DIEDC and its stakeholders, reported Emirates news agency Wam.

This was stated after Abdulla Al Awar, CEO of Dubai Islamic Economy Development Centre, and Amer Bukvic, CEO of Bosna Bank International, signed a memorandum of understanding MoU).

Al Awar said: "DIEDC is keen to develop strategic partnerships with international organisations to build a robust framework and comprehensive ecosystem based on Islamic economy principles and regulations.

“As the first Sharia-compliant bank in Bosnia and Herzegovina, BBI is an ideal partner to provide local insights that can facilitate deeper synergies in exploring innovative solutions to address the challenges facing both markets, as well as the global Islamic economy. We are confident that this MoU will lead to a fruitful exchange of knowledge and greater engagement to strengthen the reach and impact of the Islamic economy."

"Bosna Bank International, through the international investment conference, the Sarajevo Business Forum, and the international halal industry event, Sarajevo Halal Fair, strives to give companies in Bosnia and Southeast Europe a chance to foster business connections and opportunities through networking and the realisation of business ideas,” Bukvic said.

“We want to see our companies, clients and partners establish fruitful business connections. Since we focus mainly on small and medium enterprises, one goal is to help them create quality connections with companies abroad.”

Bosna Bank International is the first Shari’ah-compliant bank in Bosnia and Herzegovina and Southeast Europe. It launched operations in 2000 with its shareholders – the Islamic Development Bank Group, Dubai Islamic Bank and Abu Dhabi Islamic Bank.

For the last ten years, Bosna's Bank has been among the fastest growing banks in Bosnia and Herzegovina. Since 2010, BBI and its BBI VIP Business Club have organised the Sarajevo Business Forum, an international investment conference that has earned a prestigious global reputation. Along with its UAE and GCC partners in 2018, BBI initiated the Sarajevo Halal Fair, an international halal industry event that positions Sarajevo and Bosnia and Herzegovina as a hub for, and a gateway to, the European halal market.