The Ministry of Finance (MoF) has signed a Memorandum of Understanding (MoU) with Dubai Islamic Economy Development Centre to exchange experiences and coordinate on matters related to the strategic plan for ‘Dubai the Capital of Islamic Economy 2017-2021’, aimed at strengthening country's position and enhancing the Emirate of Dubai as the capital of the Islamic economy.

The Dubai Islamic Economy Development Centre plans to update the strategy for ‘Dubai the Capital of Islamic Economy’ to be aligned with UAE Vision 2021 and Dubai plan 2021, as well as other current developments.

The MoU was signed by Younis Haji Al Khoori, Under-Secretary of MoF and Abdulla Mohammed Al Awar, Chief Executive Officer at Dubai Islamic Economy Development Centre; in the presence of Khalid Ali Al Bustani, Assistant Under-Secretary for International Financial Relations at MoF; Dr. Khalid Al Janahi, General Advisor for Dubai Islamic Economy; Saeed Kharbash, Director of Strategic Planning Department for the Centre in addition to a number of directors and employees from both parties.

Younis Haji Al Khoori stressed the importance of signing the MoU for its significant role in strengthening mutual coordination and cooperation, to contribute to the directives of Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.

He also highlighted the Ministry’s influential role during the first phase of the strategy, which was reflected in the coordination of several meetings to review proposals and present initiatives in international and regional conferences. The Ministry is also working closely with international and regional financial institutions such IDB and IMF to develop the initiative of ‘Dubai as the Capital of Islamic Economy’.

Abdulla Mohammed Al Awar said: "The MoU represents a step further in achieving our strategic objectives to position Dubai and UAE as pioneer of Islamic economy in the world, establish strategic partnerships for the prosperity of the industry, and contribute to developing a knowledge based infrastructure of the Islamic economy, specifically in the finance sector which requires national cadres with high competence to lead the growth of this vital sector that support the Islamic economy sector."

As stipulated by the MoU, both parties will work on developing more Islamic Economy educational programmes, exchanging relevant information, holding regular meetings to follow up on the implementation of all activities and preparing reports on results of the levels of cooperation between the two parties.