In line with Dubai’s bid to become the global capital for Islamic economy, Hamdan Bin Mohammed Smart University (HBMSU) recently signed a MOU with Shanghai Lixin University of Accounting and Finance to develop a combined Islamic finance internship program. The objective of the program is to empower young people with the right knowledge, encourage innovation, and improve their leadership skills to make Islamic finance, which is attracting global interest, an engine for comprehensive and sustainable growth. The strategic corporation is a major boost to the robust joint ties between the UAE and China. It comes at a time when China is ramping up its hard work to gain support for its ambitious One Belt, One Road initiative, which will bring international economic cooperation among Asia, Europe, and Africa to the subsequent phase of development anchored on transparency, balance, and openness.
Under the MoU, both agreed to merge their research and development efforts to increase awareness about Islamic finance, with HBMSU confirming its commitment to share its extensive experience in inculcating in young generations practical knowledge and technical skills essential to redesign the future of the global Islamic economy, based on solid foundations of innovation, competitiveness, and sustainability. The global community has long acknowledged the role of Islamic finance in the global economy. There are more than 350 Islamic banks and organisations in 60 countries around the world.
Dr. Mansoor Al Awar, Chancellor of HBMSU, said that the strategic partnership will provide the Islamic finance sector with creative minds capable of driving growth and prosperity according to the requirements of the 21st century. The MoU also complements the continuing efforts aimed at strengthening the UAE-China relations in Islamic finance and consolidating historical cooperation for the success of the One Belt, One Road initiative, which aims to link Europe and Asia to drive global economic development.
Dr. Al Awar said: “We are delighted to form an alliance with one of China’s leading academic institutions in the field of accounting and finance. Together, we discover innovative educational tools, improve knowledge, and transfer successful experiences to bolster growth within the Islamic finance sector. Our efforts are aligned with the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council of Dubai, and University President, who inspires the formulation of innovative ideas as a means to open new horizons that can unleash the full potential of the highly diverse Islamic economy.”
He added: “We have always been keen to take the lead in re-engineering education in line with the necessities of the 21st century. This obligation has made us one of the first entities to support Dubai’s journey towards becoming the international capital of the Islamic economy. We have created an united portfolio of academic and training programs based on our expertise in Islamic economy, while integrating the role of human capacity development, scientific research, and community service. Through this new collaboration, we have taken a giant step towards developing and training promising talents to promote Islamic finance as a key component of sustainable growth. This is also aligned with the objectives of the 50-Year Charter, which aims to build “an educational system that will unlock and develop the potential of each person.” The new partnership sets a clear framework for the effective training of our human resources to make a positive contribution to the Islamic economy. This is part of our mission to develop the best practices and fundamentals critical to the Islamic economy as announced by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who aims to build an “integrated system covering all aspects of life.”
Dr. Al Awar concluded: “We will strengthen our cooperation with Shanghai Lixin University of Accounting and Finance and other leading Chinese and international academic institutions. This is in line with our national approach towards encouraging intellectual, cultural and scientific exchange with the world according to the objectives of the UAE Soft Power Strategy, which aims to make the country an economic, humanitarian, and cultural power. We look forward with self-assurance and optimism to the new partnership that embodies our principle of “Together We Grow”. We give our total commitment to extend our technologies, knowledge, and experience to graduate a qualified generation able to take the Islamic economy to new levels of excellence and leadership, supported by advanced research and development and training.”
The two parties decided on developing the Islamic Finance Internship Program (IFIP), in partnership with HBMSU’s Dubai Centre for Islamic Banking and Finance (DCIBF), China Islamic Finance Club (CIFC), and the Dubai Islamic Economic Development Center. Both sides will also coordinate in establishing a student exchange program to enrich the learning experience of Chinese and UAE students. HBMSU has created opportunities for Chinese professors who wish to spend their sabbatical by learning about the Arab culture through short- and long-term stay at HBMSU in Dubai.