The Hamdan Bin Mohammed Smart University (HBMSU) today (August 21) hosted a roundtable on the ‘Belt & Road Initiative’ and Islamic Finance Executive Strategy to promote economic cooperation between China and the UAE in the non-oil commercial and production sectors.

The event was held with the support of the Dubai Islamic Economy Development Centre and provided an opportunity to capitalise on the leading experiences of the UAE in Islamic finance to support China’s ambitious initiative of connecting the economies and trade activities of more than 60 countries.

The meeting was jointly organised by HBMSU’s Dubai Center for Islamic Banking and Finance, the National Development and Reform Commission of the People's Republic of China (NDRC), the China Islamic Finance Club, and ZhiShang Inter-Culture Communication.

Held under the theme ‘Sukuk and Economic Development: Opportunities and Challenges’, the roundtable provided an international platform for exploring bilateral cooperation in the fields of trade, education, scientific research, and knowledge exchange under the Belt and Road Initiative.

Discussions also centred on the challenges and opportunities in promoting Islamic financial instruments in China with a focus on Islamic sukuk.

The impact of Dubai’s emergence as the largest Islamic sukuk hub in the world on Chinese companies was tackled as well.

Participants discussed the pivotal role of Dubai as a global capital for the Islamic economy to the success of the Belt and Road Initiative. They emphasised the need for more international investments in Islamic finance, which they agreed is a key pillar for the success of China's efforts to consolidate the historic economic ties between European and Asian markets.

The roundtable featured high-profile thought leaders, researchers, banking and economic experts, decision-makers, investors and Policy makers who underscored the importance of strengthening China-UAE cooperation in the field of Islamic economics.

They also shared innovative ideas and strategies for harnessing international investment and finance to best serve the ‘One Belt, One Road’ initiative.

Dr Mansoor Al Awar, chancellor of HBMSU, highlighted the importance of maximising the transfer of knowledge and expertise between intellectual and research institutions involved in Islamic finance in the UAE and China.

He explained that this would help identify and propose strategic priorities for driving economic growth and comprehensive and sustainable development through Islamic finance, in line with the objectives of the ‘One Belt, One Road’ strategy.

The chancellor pointed out that today’s gathering provided a high-level platform for exploring the opportunities offered to China by Dubai which acts as a gateway to lucrative markets in the Middle East and North Africa (Mena) region and Sub-Saharan Africa.

He noted that Dubai is backed by an advanced Islamic finance infrastructure supported by Nasdaq Dubai, mentioning that Islamic financial instruments open new prospects for reinforcing economic ties between China and countries along the economic belt of the Silk Road which engaged in trade worth $900 billion in 2016.

Dr Al Awar said: “The roundtable has been a great opportunity for Chinese intellectual, research and investment institutions to look closely at promising opportunities available in Dubai which has emerged as the world's largest Islamic Sukuk hub.”

“The local sukuk market was worth Dh135 billion ($36.7 billion) in 2015 – a remarkable achievement on the path to Dubai’s becoming a global capital for the Islamic economy in line with the wise vision of our leadership,” he added.

“HBMSU is honoured to have hosted this event which forms part of our commitment to continue supporting efforts to enrich knowledge, advance scientific research, and drive social and economic development in line with the objectives of Dubai Plan 2021,” he said.

During the gathering, Abdullah Mohammed Al Awar, CEO of the Dubai Islamic Economy Development Centre, delivered a speech titled ‘China-UAE Relationship: The Road Ahead’ which pointed out the numerous promising opportunities in the UAE that can contribute to the success of the ‘One Belt, One Road’ initiative.

Al Awar said that the revitalisation of the Silk Road means that the world will witness the emergence of more huge development projects – providing favourable conditions and a suitable environment for the products and culture of the Islamic economy to grow further.

He also referred to the importance of creating a legal and legislative environment for driving the growth of Islamic financial institutions and their offerings under the Silk Road Initiative; supporting and developing laws for the issuance of Islamic sukuk; and enhancing coordination between Chinese banks and Islamic finance institutions in the Arab World and the international Muslim community.

Al Awar further emphasised the role of the Islamic economy as a vital pillar of the global economy in the 21st century. He shared that the activities of vital sectors of the Islamic economy generated $1.9 trillion in 2016, providing new opportunities for supporting regional and international economic development. – TradeArabia News Service