The Hamdan Bin Mohammed Smart University (HBMSU) has today (Monday, August 21, 2017) hosted a roundtable on the ‘Belt & Road Initiative’ and Islamic Finance Executive Approach to advertise economic collaboration between China and the UAE in the non-oil commercial and production markets. The event was accepted the assistance of the Dubai Islamic Economic situation Growth Centre and supplied an opportunity to maximize the leading experiences of the UAE in Islamic finance to support China's ambitious initiative of attaching the economic climates and trade activities of more than 60 countries. The conference was collectively arranged by HBMSU's Dubai Facility for Islamic Banking and Financing, the National Growth and Reform Commission of the People's Republic of China (NDRC), the China Islamic Financing Club, and ZhiShang Inter-Culture Communication.
Held under the theme ‘Sukuk and Economic Development: Opportunities and Challenges,’ the roundtable supplied a worldwide platform for checking out bilateral collaboration in the fields of trade, education, scientific research, and knowledge exchange under the Belt and Road Initiative. Discussions also centered on the difficulties and chances in promoting Islamic financial instruments in China with a focus on Islamic sukuk. The effect of Dubai's appearance as the largest Islamic sukuk hub worldwide on Chinese business was tackled as well.
Participants went over the critical duty of Dubai as a global funding for the Islamic economic situation to the success of the Belt and Roadway Initiative. They emphasized the demand for more worldwide investments in Islamic financing, which they concurred is a key pillar for the success of China's initiatives to consolidate the historical economic ties between European and Asian markets. The roundtable included top-level idea leaders, scientists, banking and economic experts, decision-makers, capitalists and Policy makers that underscored the relevance of strengthening China-UAE collaboration in the field of Islamic economics. They additionally shared innovative concepts and strategies for using worldwide financial investment and money to best serve the 'One Belt, One Road' initiative.
Dr. Mansoor Al Awar, Chancellor of HBMSU, highlighted the significance of maximizing the transfer of knowledge and expertise in between intellectual and research organizations associated with Islamic finance in the UAE and China. He explained that this would certainly help determine and propose strategic top priorities for owning economic development and extensive and sustainable growth via Islamic financing, according to the goals of the 'One Belt, One Road' strategy.
The Chancellor explained that today's event supplied a high-level platform for exploring the possibilities provided to China by Dubai which works as a portal to lucrative markets in the MENA region and Sub-Saharan Africa. He noted that Dubai is backed by an advanced Islamic finance infrastructure supported by Nasdaq Dubai, pointing out that Islamic monetary instruments open new prospects for strengthening economic ties in between China and nations along the financial belt of the Silk Roadway which engaged in trade worth USD 900 billion in 2016.
Dr. Al Awar said: "The roundtable has been a terrific opportunity for Chinese pundit, research and financial investment institutions to look closely at appealing chances readily available in Dubai which has become the world's largest Islamic Sukuk hub. The local sukuk market deserved AED 135 billion in 2015 - an exceptional accomplishment on the path to Dubai's coming to be a global funding for the Islamic economic climate in line with the sensible vision of our management. HBMSU is recognized to have actually hosted this occasion which forms part of our dedication to continue supporting efforts to enhance knowledge, breakthrough scientific research, and drive social and financial advancement according to the goals of Dubai Plan 2021."
During the gathering, Abdullah Mohammed Al Awar, CEO of the Dubai Islamic Economic climate Growth Centre, talked labelled 'China-UAE Relationship: The Road Ahead' which explained the many promising chances in the UAE that can add to the success of the 'One Belt, One Roadway' initiative. Al Awar said that the revitalization of the Silk Roadway implies that the world will certainly witness the appearance of even more substantial development tasks - offering positive conditions and an ideal setting for the products and society of the Islamic economy to grow further.
He also referred to the importance of creating a legal and legal setting for driving the development of Islamic financial institutions and their offerings under the Silk Road Campaign; supporting and developing legislations for the issuance of Islamic sukuk; and boosting control between Chinese banks and Islamic finance organizations in the Arab World and the international Muslim community. Al Awar additionally emphasized the duty of the Islamic economic situation as a vital pillar of the global economy in the 21st century. He shared that the tasks of vital industries of the Islamic economy created USD 1.9 trillion in 2016, supplying new opportunities for sustaining regional and global economic growth.
Professor Nabil Baydoun, Vice Chancellor for University Development, HBMSU, said: "The 'Belt and Road' initiative will lead the way for the more growth and sustainability of the global economy, while also strengthening financial collaboration between Asia and Europe. HBMSU has organized a roundtable conference that brought together the most significant financial numbers, to go over the different means of boosting the duty of Islamic money to sustain China's thorough strategy, whilst benefitting from China's function within the regional economic landscape. We are confident that the roundtable meeting will further urge Chinese companies to cooperate with the Islamic economy with Dubai as a base, as the emirate is taking great strides towards ending up being the global capital of Islamic economy. The conference aimed to improve collaboration in between China and the UAE in the field of Islamic finance, and detailed framework to encourage the exchange of finest intellectual and cognitive practices, as a main driver for international economic advancement."
Li Lingbing, Chinese Consul General to Dubai, also talked concerning the leads for relationships in between China and UAE, while Dr. Fan Hengshan, Deputy Secretary-General of NDRC, briefed the audience on the most recent developments under the Belt and Roadway Effort. Various other keynote speakers included Prof. Nabil Baydoun, HBMSU's Vice Chancellor for University Innovation, who discussed 'Dubai as a Portal for the Belt and the Road Campaign,' and Cao Wenlian, Director General of NDRC's International Collaboration Center, that reviewed the chances and obstacles in financial participation between China and the UAE under the Belt and Roadway Initiative.
Saeed Mubarak Kharbash, Head of Technique and Planning at the Dubai Islamic Economic situation Development Centre, also provided an overview of the Centre's technique and its effect on China. Sohail Zubairi, Ex-Founding CEO of Dar Al Sharia, on the various other hand, discussed just how sukuk might be structured in China without transforming the existing governing structure. Dr. Ashraf Mahate, Chief Financial expert at Dubai Exports and the Dubai Economic Division, shared ways to build a diversified participating financial platform between China and the UAE, while Dr. Moinuddin Malim, Managing Partner at Choice International Monitoring Provider, dug on the optic of 'Raising Finance for Chinese Firms Overseas: A Practical Approach.’