Hamdan Bin Mohammad Smart University (HBMSU) said one of its units has entered into an agreement with a Chinese group to facilitate collaboration in matters relating to Islamic economy and banking and finance.

The landmark signing of the Memorandum of Understanding between The Dubai Centre for Islamic Banking and Finance (DCIBF) and Zhishang Interculture Communication (ZSICC) was held at the university campus in Dubai.

Under the terms of the MoU, both parties will collaborate on knowledge transfer, exchange of research works, dissemination of academic results, and publication of research reports in the Chinese language, said Dr Mansoor Al Awar, the chancellor of HBMSU after signing the agreement with Lee Hang, the chief executive of ZSICC.

Both sides will also jointly conduct conferences, workshops, forums and academic seminars as well as provide training and vocational qualification tests for employed individuals, he stated.

The agreement complements the objectives of the official visit of the state to China early this month that included discussions on trade, economic, social and cultural exchange opportunities between the two countries.

"This mutually beneficial collaboration is aligned with the university’s full commitment to human capital development in Islamic banking and finance through the provision of quality education, training, research and community service. The agreement also further bolsters our mission to help drive Arab economies through knowledge creation," observed Dr Al Awar.

"This is in adherence to our belief that knowledge generation is also achievable by building long-lasting ties with key international organizations; thus our numerous cooperation with various relevant leading institutions such as ZSICC," he added.

Other areas of co-operation include the organization of study tours and visits; promotion of Islamic banking, Takaful, and other Islamic economic projects; and provision of Islamic investment and financing services such as Sukuk, Mudarabah, Musharakah, Murabahah, and Ijarah.

The agreement will also enable both parties to facilitate the issuance of Islamic bonds to Chinese entities.

Lee Hang said this strategic partnership will highlight the important role of knowledge generation and the exchange of ideas and experiences in the fundamental efforts of the UAE and China to integrate themselves into the world economy and widen their influence in various regions across the globe.

"We are confident that the MoU will further boost these efforts by establishing stronger Islamic economic and financial co-operation between the two countries," he added.-TradeArabia News Service