UAE: DIEDC and AAOIFI sign MoU to collaborate on Islamic finance
Source: Middle East Insurance Review | Dec 2019
Dubai Islamic Economy Development Centre (DIEDC) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) have signed an MoU to explore the latest developments, risks and challenges in Islamic finance at the AAOIFI-World Bank 14th Annual Conference held in Bahrain in November.
Under the agreement, the two parties aim to conduct joint capacity-building programmes related to the AAOIFI standards in various jurisdictions, especially in markets new to Islamic banking and finance.
The two bodies also seek to facilitate the exchange of information, host events focused on areas of mutual interest, and promote their activities to their members and wider networks.
In his speech at the conference, DIEDC CEO Abdulla Mohammed Al Awar said, “The partnership between our two entities will significantly serve the Islamic finance sector, thanks to our shared objectives of promoting sustainable growth and paving the way for the next phase of development and prosperity.”
He added: “DIEDC is keen to continue expanding its strategic partner base through such agreements with the aim of further developing the Islamic economy and achieving its overall objectives. Over the past few years, we have been working to finalise the codification of Islamic finance. This will enhance the role of Islamic finance as the most effective means of developing Islamic economy and contribute to the realisation of Dubai’s vision to spread the Islamic economy globally and establish itself as the global capital of Islamic economy.”
AAOIFI secretary general Omar Mustafa Ansari said, “AAOIFI is pleased to sign this MoU with DIEDC. We hope together we will be able to enhance awareness on the standards issued by AAOIFI for the development of the Islamic finance industry globally. Such efforts will reinforce the role of Islamic finance as the most efficient and effective means to drive the growth and globalisation of the Islamic economy while positioning Dubai as its capital.” M