Dubai-UAE: Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, and Dubai Islamic Economy Development Centre (DIEDC) have signed a memorandum of understanding (MoU) to exchange knowledge and experiences in the field of banking, economics and financial literacy in relation to Islamic finance.
Jamal Al Jassmi, General Manager of EIBFS, and Abdulla Mohammed Al Awar, Chief Executive Officer of DIEDC, inked the agreement at the EIBFS Dubai campus amidst H.E Hesham Al Qassim, Chairman at EIBFS and other board members.
The MoU mandates the two parties to develop and conduct training programs for finance professionals, both locally and abroad, focused on the sharia standards outlined by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and relevant government entities. The programs aim to introduce students to the basics of Islamic banking and the range of retail and corporate banking products offered within its framework.
Furthermore, the partnership entails promoting professional qualifications in Islamic banking and co-organizing informative workshops on the topic.
Jamal Al Jassmi said: “The influence of Islamic economy in the UAE, particularly Dubai, has shown substantial growth over the past years. The latest figures by the Dubai Statistics Center reveal that Islamic economy contributed AED41 billion to Dubai’s gross domestic product (GDP) in 2017. Islamic economy is also tapping into the rising demand for ethical products and services. Such trends create a pressing need to develop the Islamic finance education ecosystem that remains a key area of focus for EIBFS.”
He added: “Our partnership with DIEDC reinforces our commitment to providing a holistic Islamic finance education to banking professionals. We enjoy a long-standing association with DIEDC and will continue to work together to bring world-class learning experiences to the UAE.”
For his part, Abdulla Mohammed Al Awar said: “Given its fundamental role in enhancing the three economic pillars of the DIEDC strategy, knowledge is now categorized as an enabling pillar. Knowledge is pivotal to generating innovative ideas that drive economic growth. Hence, the Centre continuously seeks to collaborate with relevant stakeholders to develop the education infrastructure of the Islamic economy and boost knowledge in the field.”
He added: “Reinforcing the significance of knowledge in ensuring long-term growth, DIEDC has partnered with EIBFS to exchange expertise in Islamic finance literacy, as well as to develop training programs on AAOIFI standards and various retail and corporate products offered within the scope of Islamic banking.”
With its comprehensive training courses in the field of finance and banking, including Islamic finance, EIBFS is at the forefront of advanced financial education and capacity-building. The institute has partnered with specialist training and technology solutions providers in the USA and Europe to equip finance professionals with the latest expertise.
EIBFS’s 2019 annual training plan focuses on techno-functional skills, featuring 13 courses on Fintech, Digital, Blockchain, AI, IoT, Cybersecurity and Business Analytics, among other areas.
Emirates Institute for Banking and Financial Studies (EIBFS) was founded in 1983. As a leading independent training center, it offers world-class education, training and allied services in the critical areas of banking and finance. Based in the UAE, EIBFS currently has three campuses for education and training services, located in Sharjah, Abu Dhabi and Dubai. The Institute has made substantial contributions to the careers of thousands of students and working professionals in the financial services sector. EIBFS is also a strong supporter of Emiratization and has launched various initiatives that have greatly helped promote the careers of Emiratis. All academic programs offered by the Institute are accredited by the Commission for Academic Accreditation (CAA) at the Ministry of Higher Education and Scientific Research. Students who have successfully completed these programs have found productive employment at various levels in banks and financial institutions in the UAE and around the world.
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