The Dubai Gold and also Commodities Exchange (DGCX) as well as the Dubai Islamic Economy Development Centre (DIEDC) today signed a Memorandum of Understanding (MoU), accepting share understanding, advertise Shari'ah Compliant financing, as well as assist foster Dubai as the global capital of Islamic economy.

Abdulla Mohammed Al Awar, Chief Executive Officer of DIEDC, as well as Les Man, Chief Executive Officer of DGCX, authorized the arrangement at the DIEDC workplaces at an event participated in by senior representatives from both sides.

Under the MoU, DIEDC will certainly collaborate with DGCX to promote the Shari'ah Compliant Place Gold agreement, along with other Shari'ah Compliant asset item subsequently established by the exchange to cater for the Islamic money sector, while placing Dubai as the hub of the Islamic economy.

Abdulla Mohammed Al Awar, CEO of DIEDC, said: "In accordance with our shared goal to change Dubai right into the international funding of Islamic economy, this collaboration verbalizes the dedication of DIEDC to connect relevant stakeholders of the Islamic economic situation, as well as transfer knowledge regarding Islamic finance instruments, such as Shari'ah Compliant gold and commodity trading. Encouragingly, these tools are experiencing a high uptake in servicing the expanding Islamic finance sector."

He added: Furthermore, with the contribution of the Islamic economy to Dubai's GDP increasing to 8.3 per cent in 2016, we now have a responsibility to boost the burgeoning non-oil sectors, in keeping with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to further diversify the national economy and increase alternative revenue streams.

Les Man, Ceo of DGCX, added: Following the recent launch of the GCCs first and the worlds only Shariah Compliant Spot Gold contract, this partnership with DIEDC comes at an opportune time for the DGCX. Not only will it be a crucial building block towards introducing other successful Shariah compliant products on our trading platform, but it will also help shape the progressive role Dubai is playing in developing the Islamic finance sector as a whole.