MoU between HBMSU and Zhishang Interculture Communication to result in development of new Islamic economic and financial cooperation

UAE, December 19, 2015 - The Dubai Centre for Islamic Banking and Finance (DCIBF) of Hamdan Bin Mohammad Smart University (HBMSU) recently entered into an agreement with Zhishang Interculture Communication (Beijing) Co., Ltd. (ZSICC as listed in Shanghai stock exchange), to facilitate collaboration in matters relating to Islamic economy and banking and finance. The landmark signing of the Memorandum of Understanding (MoU) held at the HBMSU campus.

The MoU, which was signed by Dr. Mansoor Al Awar, Chancellor of HBMSU and Ms. Lee Hang, CEO of ZSICC, includes the work for establishing a platform for the communication and exchange of academic ideas about Islamic economy and finance between UAE and China. 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.

Dr. Mansoor Al Awar said: “This mutually beneficial collaboration between DCIBF and ZSICC is aligned with HBMSU’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. 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.”

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

“We look forward to closely working with our Chinese counterparts in successfully implementing a meaningful exchange of information and experiences and other areas of collaboration covered by our MoU. Ultimately, HBMSU aims to substantially contribute to the intensified efforts of the UAE Government in further strengthening its bilateral relations with China through our new agreement,” A Awar added.

ZSICC’s latest agreement with HBMSU’s DCIBF forms part of its goal of building strategic communication and cooperation platforms between various institutions in China and the Middle East. Headquartered in Beijing, the group’s strategic objectives include promoting the ‘financial and popular communication’ aspect of China’s ‘Belt and Road Initiative,’ a development strategy and framework that aims to foster more connectivity and cooperation between the East Asian nation and the rest of the world. It particularly provides solutions and consulting services for government’s public relations, Islamic economic and financial cooperation, cultural exchange, and intercultural communication.

Ms. Lee Hang, CEO of ZSICC, concluded: “We welcome our latest collaboration with HBMSU and its initiative, DCIBF. Such a 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 cooperation between the two countries.”