DIEDC expands network of strategic partners in GCC region

Dubai Islamic Economy Development Centre (DIEDC), has signed a cooperation agreement with Islamic Economics Institute, IEI, at King Abdul Aziz University in Saudi Arabia, expanding its network of strategic partners in the GCC region.

The agreement opens doors for the exchange of knowledge and experience in Islamic economy between the two entities, in addition to coordinating their efforts in research, education, training, and in launching initiatives focused on Islamic finance in particular, and the Islamic economy in general.

The agreement was signed by Abdulla Mohammed Al Awar, Chief Executive Officer of DIEDC, and Dr. Abdullah Qurban Al Turkistani, Dean of Islamic Economics Institute, in the presence of senior officials from both entities.

Through this agreement, both entities will hold joint scholarly and media events such as conferences, seminars, and fora to support the Islamic economy sector, especially in the legislative and technical fields. DIEDC and IEI will also work together to enrich Islamic economy knowledge through training courses and workshops that aim to enhance peoples’ awareness about the pillars and foundations of Islamic economy. Other areas of collaboration include the preparation of joint research studies and collection of data on Islamic economy.

Building on the Centre’s endeavours to strengthen cooperation with local, regional, and international stakeholders operating in the Islamic economy space, the agreement establishes a solid infrastructure for collaboration and creates a comprehensive framework for the implementation of initiatives that reinforce the principles of Islamic economy. The agreement is also an outcome of the Centre’s efforts to contribute to graduating a generation of qualified professionals equipped with the necessary skills and capabilities to drive growth across the strategic sectors of the Islamic economy and thereby participate in achieving sustainable economic development.

Furthermore, the agreement strengthens Dubai’s credentials as a leading global hub for Islamic economy’s industry leaders to convene and advance the sector’s reach and impact. In doing so, it seeks to boost the Islamic economy’s contribution to the growth, diversity and economic sustainability of Dubai and the wider UAE.

Islamic Economics Institute at King Abdulaziz University is the first research institution in the world to specialise in Islamic economy. It has actively contributed to the development of Islamic thought and the Islamic economic system, while also qualifying generations of researchers and experts in the field.

IEI seeks to develop the Islamic economic system through strengthening scholarship capabilities and practical applications of Islamic economy, providing educational and training programmes, and developing local and international partnerships. It also designs programmes for researchers and experts in Islamic economy that meet the contemporary needs of society.

Speaking at the signing ceremony, Abdulla Al Awar emphasised that knowledge is a key enabling pillar for DIEDC. Therefore, the Centre is keen to cooperate with specialised Islamic economy research centres and institutes to ensure the continuity and long-term growth of the Islamic economy. In this context, he noted that the agreement with Islamic Economics Institute in Saudi Arabia to exchange experiences and increase knowledge and social awareness on Islamic economy is indeed a significant one.

Al Awar pointed out that knowledge is crucial in generating innovative ideas that boost economic prosperity and lead to the success of the Islamic economy. He also highlighted the value addition achieved by DIEDC in line with its wider objectives of developing the Islamic economy’s knowledge infrastructure in cooperation with strategic partners.

For his part, Dr. Al Turkistani expressed his confidence that the agreement would further strengthen IEI’s synergies with the professional leadership of Dubai Islamic Economy Development Centre to better serve the Islamic economy industry and widen its reach in key markets around the world.

Meanwhile, Nasdaq Dubai on Thursday welcomed the listing of a one billion Euro green Sukuk by Islamic Development Bank, IsDB, the multilateral lender which finances development across its 57 member countries. It is IsDB’s first green Sukuk, issued under its Sustainable Finance Framework. It is also the third Sukuk listing this year on the region’s international exchange by IsDB, following two listings of US$1.5 billion each in April and October.

The Islamic Development Bank has 11 Sukuk currently listed on Nasdaq Dubai with a total value of US$13.65 billion.  

IsDB’s activities across its member countries include building partnerships between governments, the private sector and civil society; increasing skills and knowledge sharing; focusing on science, technology and innovation led solutions to development challenges; promoting global development that is underpinned by Sharia-compliant sustainable financing structures; and fostering collaboration between its members nations to focus on the betterment of humanity.

WAM