Chinese Students Learn About Dubai’s Pioneering Islamic Economy

Dubai: Dubai Islamic Economy Development Centre (DIEDC) received a delegation of Chinese students participating in the Islamic Finance Internship Programme (IFIP), a joint initiative between Hamdan Bin Mohammed Smart University (HBMSU), China Islamic Finance Club, ZhiShang Inter-Culture Communication, and DIEDC.

The Chinese student delegation’s visit to DIEDC’s office concluded its Dubai tour that covered the headquarters of leading Islamic finance institutions in the emirate, including Dubai Islamic Bank (DIB), DIFC FinTech Hive, the Dubai Financial Market (DFM), HBMSU, Nasdaq Dubai, and Dubai Multi Commodities Centre (DMCC). The trip enabled the students to learn firsthand about Dubai’s pioneering journey to become the global capital of the Islamic economy.

This was the first of a planned series of field trips to partner entities of the programme, aimed at promoting knowledge exchange between the UAE and China in Islamic banking and finance. The five-day tour focused on examining the application of Islamic finance practices in participating institutions and their efforts to develop this vital sector.

Speaking on the visit, His Excellency Mohammed Ibrahim Al Shaibani, Director General of His Highness the Ruler’s Court and Chairman of DIB, highlighted the leading status of Dubai and the UAE in leveraging Islamic financial instruments to diversify the economy and enhance its competitiveness. He noted that the country today serves as a global reference for all matters related to the Islamic economy.

He said: “As home to multiple institutions that play a key role in stimulating the growth of Islamic finance, Dubai attracts companies from around the world that seek to explore the potential of the industry and its benefits.”

For his part, His Excellency Essa Kazim, Governor of the Dubai International Financial Centre (DIFC) and Chairman of DFM, said: “We are pleased to witness the continued growth in cooperation with our Chinese partners, and we are proud of the role that Dubai played in deepening and strengthening the historical relationship between the UAE and China.

The influx of Chinese students and researchers into Dubai is the strongest evidence of the success of “Dubai the Capital of Islamic Economy” initiative in raising the global awareness that the Islamic economy transcends both geography and Muslim communities through prioritising sustainability above all else. Sustainability and diversification constitute the essence of the Islamic economy, which has attracted the attention of several global experts since the global financial crises in 2008. Thus Dubai is exerting instrumental efforts in qualifying global experts on best practices in strategic sectors of the Islamic economy.”

Dr. Mansoor Al Awar, Chancellor of HBMSU, said: “Our partnerships with our Chinese counterparts are built on knowledge exchange and transfer of successful experiences in Islamic finance. We are proud to play a role in strengthening the ties between our two nations, especially within the Islamic finance sector. This focus is in line with the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai, President of HBMSU and General Supervisor of the Dubai: Capital of Islamic Economy initiative.”

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Knowledge sharing is a gateway to strengthen our longstanding bilateral trade relation with China. Over the past years, Dubai and DMCC have played an essential role in the field of Islamic trade finance, which established the emirate as a global hub for Islamic finance and the capital of Islamic economy worldwide. With our support in creating new business partnerships, we are confident that Dubai will be the destination for Chinese firms looking to establish Shari’a compliant businesses.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said: “As a hub of Islamic finance, Dubai attracts a lot of interest on Shari’a-compliant products and services. We recently had the pleasure of welcoming a group of students from China to Nasdaq Dubai to discuss the growth of Islamic finance internationally. Nasdaq Dubai is committed to promoting Islamic finance as well as other asset classes as part of its increasing engagement with Chinese entities.”

For his part, Abdulla Mohammed Al Awar, CEO of DIEDC, said: “Hosting foreign delegations is one of the most important aspects of the Centre’s mandate and serves two of its main objectives. The first is to establish Dubai as the global capital of Islamic economy and as a reference for managing and developing its strategic sectors, while the second is to build a new generation of qualified Islamic economy professionals at home and abroad.”

Ali Wang, President of China Islamic Finance Club, Middle East, said: “The Islamic economy is an independent ecosystem of the world economy with a promising future. In recent years, Islamic finance has used financial technology to achieve rapid development on the basis of traditional inclusive finance. The comprehensive strategic partnership between China and the UAE has expanded its research and development in various fields and enhanced the existing cooperation between them.”

“China Islamic Finance Club, in cooperation with the Dubai Islamic Economy Development Centre and the Hamdan Bin Mohammed Smart University, is committed to cultivating professionals in the Islamic economy field. We are confident that these students will become intercultural international professionals, filling China’s talent gap in the Islamic financial sector, under the initiative of the Belt and Road Initiative.”