aafaq Islamic Finance signs collaborative agreement with HBMSU's Dubai Centre for Islamic Banking and Finance

UAE, June 23, 2015 – aafaq Islamic Finance, a leading provider of Islamic finance products and e-government services in the UAE, has recently signed a Memorandum of Understanding (MoU) with the Dubai Centre for Islamic Banking and Finance (DCIBF) of Hamdan Bin Mohammad Smart University (HBMSU). The agreement was signed by the University’s Chancellor, Dr. Mansoor Al Awar, and H.E. Abdul Jaleel Al-Blouki, Vice Chairman of “aafaq Islamic Finance”, at the HBMSU campus in the presence of senior officials from both sides.

The MoU establishes a framework for facilitating collaboration and cooperation between aafaq and DCIBF in developing human capital, resources and capabilities in Islamic Finance as well as pursuing other mutually beneficial activities and projects. As part of the MOU, a series of projects and initiatives supporting Dubai’s transformation into a capital of the global Islamic economy will be launched.

Dr. Mahmoud Abdulaal, CEO of aafaq Islamic Finance, and Prof. Nabil Baydoun, Vice Chancellor for Enterprise & University Advancement at HBMSU, were nominated as the official liaisons responsible for preserving the principles outlined in the MoU. They will monitor activities initiated through the agreement which serve the common aspirations of both parties.

Dr. Mansoor Al Awar, HBMSU Chancellor, said: “As a recognized innovator of Islamic financial services and products, aafaq Islamic Finance has the expertise and practical experience to help DCIBF in accomplishing its goals centered on the development of human capital within the Islamic finance sector as well as pursue mutually beneficial initiatives. We are interested to learn more about aafaq’s unique approach in developing high-quality financial services and gain valuable insights on how we can further improve Islamic banking and finance practices in Dubai and across the UAE.”

H.E. Abdul Jaleel Al-Blouki, Vice Chairman of “aafaq Islamic Finance”, said: “We are honoured to cooperate with the DCIBF as a valuable strategic partner that will have a pivotal role in the partnership with the Institute of Administration and Finance and the aafaq Centre for Islamic Economy Research who will support our efforts to improve efficiencies in the Islamic economy. We are confident that the high expertise and leading position of HBMSU along with our competencies and our collaboration with our partners will have a positive impact to further enhancing human capabilities in Islamic finance by providing the best and highest quality services. Overall, we look forward to benefitting from the pioneering initiatives led by Dubai in the field of knowledge enrichment and promoting creativity, innovation and scientific research to position Dubai as the capital of the global Islamic economy.”

aafaq Islamic Finance provides and supports a unique and comprehensive group of Sharia’a-compliant financial services and products to meet the needs of the UAE and regional markets. It has the expertise, skills and resources to undertake education, training and research in Islamic Banking and Finance and related areas, either directly or through its subsidiaries. The company has worked to help advance the ‘Dubai: Capital of Islamic Economy’ initiative through the establishment of a group of supporting companies. This includes the Institute of Finance and Administration, which provides international professional certification with prestigious international institutions, and aafaq Centre for Islamic Economy Research, which works to support scientific research and raise awareness about the Islamic economy.

The Dubai Centre for Islamic Banking and Finance is an institute that was established by HBMSU to contribute to the development of human capital for Islamic Banking and Finance. It provides quality education, training, research, and community service and promotes best practices in its areas of expertise.