Dubai – UAE: Islamic finance, a rapidly expanding global trend, extends its influence beyond predominantly Muslim nations to European countries and the United States. The inherent sustainability and status as a superior financial alternative elevate the prominence of this phenomenon, attracting the professionals and researchers. Keeping in view the importance, AlHuda CIBE, Dubai, UAE and Holy Book Finance LLC have entered into a Memorandum of Understanding (MOU). The MOU was signed on Sunday, October 15, 2023, at the El Prado Hotel in Palo Alto, California, USA, by Mr. M. Zubair Mughal, CEO of AlHuda CIBE, and Camille Silla Paldi, CEO of the Center for Holy Book Finance. This agreement signifies the collaboration between the two organizations.

M. Zubair Mughal said that Islamic finance is not only the interest of Muslim population rather non-Muslims are also taking keen interest to learn and implement it. There are various non-Muslim countries where Islamic banking and finance is providing their customers state-of-the-art services above all religious differences. He added that according to this MoU, both organizations will work together to strengthen the abilities of Islamic banking and finance including advisory, consultancy, capacity building and online education services. He said that AlHuda CIBE is keeping an eye on Islamic banking and finance. AlHuda CIBE and Center for Holy Book Finance will mutually offer the advisory, consultancy, training and product development services to ensure the sustained economic and financial position.

He also added that, interest is not only prohibited in Islam but it is prohibited in all the divine religions including Judaism, Christianity, etc., but unfortunately, the share of the non-interest-based finance industry including Islamic Finance is less than 1% of the Global Finance industry, which is a real dilemma. To discuss all these emerging issues, AlHuda CIBE UAE joined hands with Center of Holy Book Finance USA to initiate a dialogue to investigate this matter.  AlHuda CIBE, being an Islamic Banking and Finance Advisory firm has an interest in understanding the applicability Non-Interest Finance principles in other religions too.  For further details, you can reach us for further discussions.

Holy Book Finance is not only a movement to cooperate in finding solutions to banking and financial crises and devise new products for our financial system, however, it is a movement of peace as professionals of different religions and faiths are required to collaborate in an inter-faith financial effort.  In these tumultuous times, which may be a side-effect of the current banking system, it is more important than ever to unite in cooperation in the realm of finance, banking, and economics, said Ms. Paldi.

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About AlHuda CIBE

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com

For Media Contact:
Ms. Shaguftta Perveen
Manager Communications,
info@alhudacibe.com