“aafaq Islamic Finance” signs strategic MoU with University of Bolton's Centre for Islamic Finance

UAE, June 2, 2015 - Institute of Finance & Management subsidiary of aafaq Islamic Finance, a leading provider of Islamic finance products and services in the UAE, has recently signed a Memorandum of Understanding (MoU) with the University of Bolton’s Centre for Islamic Finance, an initiative designed to facilitate research and promote the understanding of Islamic Finance through lectures, conferences and a joint professional certificate in Islamic Banking. The document was signed in London.

Under the terms of the MoU, both parties have expressed their full commitment in the continued advancement and growth of Islamic Finance—collaborating on a series of projects and initiatives that includes conducting and commissioning joint research in the field of Islamic Finance; develop and promote a new Islamic Banking Professional Certification program and host and organize an annual Islamic Finance-based event.

H.H. Sheikh Faisal Bin Saoud Al Qassimi, Board Member of “aafaq Islamic Finance” shared that the signing of the new MoU proves to be both timely and strategic as global financial experts continue to laud Islamic Finance's continuing growth. The new alliance between aafaq Islamic Finance and the University of Bolton’s Centre for Islamic Finance represent a cooperative framework that looks towards encouraging more development in Islamic Finance on regional and international levels, particularly in the fields of education, research, capacity building and consultancy.

Dr. Mahmoud Abdalaal, CEO of “aafaq Islamic Finance” said, “We are extremely excited with this new partnership that we have forged with the University of Bolton’s Centre for Islamic Finance. aafaq Islamic Finance is confident that this strategic new alliance will successfully be able to drive in more awareness on the many benefits and advantages offered by Islamic Finance. Through our partnership with the University of Bolton’s Centre for Islamic Finance, we are looking towards commissioning more research and studies while also laying the foundation for an international certification program for Islamic banking professionals.”

The Chairman of the Centre for Islamic Finance and the first Chancellor of the University of Bolton, The Baroness Morris of Bolton said, “I am delighted we have signed this MoU and look forward to working with aafaq in encouraging more development in Islamic Finance. This collaboration will help to strengthen the University's close ties to the UAE and builds on our core strength of working together with leading and innovative industry practitioners.”

The Centre for Islamic Finance was launched in 2012 at the University of Bolton to facilitate research and create a better understanding of Islamic Finance through the holding of key lectures, conferences and the offer of short course programs. The inaugural lecture of the centre was given by Dr. Ahmed Ali, President of the Islamic Development Bank and was attended by business leaders, academics and finance managers from across the UK.

Professor Mohammed Abdel-Haq, Director of the Centre for Islamic Finance and former Global Head of private banking at HSBC Amanah, welcomed the enthusiasm and vision of aafaq and looked forward to working together with aafaq to help drive a better understanding of the benefits and advantages of Islamic Finance. 

“We have students studying with us at Bolton for their PhDs in Islamic Finance from around the world and have established a reputation which attracts respected speakers and supporters such as Norman Lamont, the former Chancellor of the Exchequer. Our work with a Company of such quality as aafaq, a leader in Islamic Finance in the UAE, will help us to broaden our research and to reach and educate more people working within the sector,” concluded Professor Abdel-Haq.