UAE Central Bank joins hands with Dubai Islamic Economy Development Centre to strengthen Islamic banking
The Central Bank of the UAE (CBUAE) on Saturday signed a memorandum of understanding (MoU) with the Dubai Islamic Economy Development Centre (DIEDC) to reinforce and expand the reach of the Islamic banking sector, and to advance cooperation in areas of mutual interest. Saif Hadef Al Shamsi, Deputy Governor of the Central Bank of the UAE, and Abdulla Mohammed Al Awar, CEO of DIEDC, signed the agreement. In addition to the cooperation in Islamic banking, CBUAE and DIEDC will work together to publish joint research and exchange knowledge to enhance expertise. Furthermore, the two entities will jointly host international seminars, conferences, and meetings, develop awareness projects, build technical capabilities, and cooperate in fields that support the development of Islamic finance. As the first order of business, CBUAE and DIEDC will establish a joint team to follow up on the implementation of the MoU. The team is tasked with preparing regular update reports that will be shared with key decision-makers across each entity.