2nd China-UAE Conference on Islamic Banking explores international cooperation

The Dubai Centre for Islamic Banking and Finance at the Hamdan Bin Mohammed Smart University, HBMSU, and the Dubai Islamic Economy Development Centre have successfully concluded the 2nd China-UAE Conference on Islamic Banking and Finance.

The two-day event held in Shenzhen, China, formed part of efforts to drive economic growth and comprehensive development through the Islamic economy, in line with the objectives of the ‘One Belt, One Road’ initiative. It was organised in co-operation with the China Islamic Finance Club, ZhiShang Intercultural Communication, and Knowledge Partner Thomson Reuters.

This year’s main conference theme of ‘Islamic Finance: Paving the Way for the Belt and Road Initiative’ provided a strategic international platform for exploring ways to enhance financial and economic integration and strengthen historic economic relations between the European and Asian markets linked by the Silk Road, in line with the objectives of the ‘One Belt, One Road’ strategy.

The event included in-depth discussions on promoting constructive dialogue among economists, bankers, decision and policy makers, investors and stakeholders of the Islamic economy. Talks focused on reviewing emerging challenges and prospects for enhancing the role of Islamic finance in achieving the goals of the ambitious Chinese initiative. The leading experience of Dubai in developing the Islamic economy into a comprehensive system and a key driver for international development was also tackled.

Dr. Mansour Al Awar, Chancellor of HBMSU, noted that the event complements successful co-operation between the UAE and China by exploring new prospects for harnessing Islamic finance to drive economic development, in light of the growing role of the Islamic economy estimated to be currently worth USD2.3 trillion as the main driver for the growth of the global economic system.

"The conference is inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to transform Dubai into a global capital for the Islamic economy, under the supervision of H.H. Sheikh Hamdan bin Rashid Al Maktoum, Crown Prince of Dubai and President of HBMSU, who is leading the development of the sector in line with the requirements of this era and the emerging post-oil economy," he added.

Professor Nabil Baydoun, Vice Chancellor for University Advancement at HBMSU, said, "We highlighted the active role of Dubai and the UAE in accelerating regional and international development while focusing on their outstanding contributions to the revitalisation of the Silk Road connecting Asia and Europe, in line with the ambitious Chinese ‘One Belt, One Road’ initiative. By attracting extensive high-level international participation, the event provided an ideal opportunity to develop proactive ideas and exchange effective strategies for maximising the benefits of Islamic finance by implementing the ‘Belt and Road’ initiative to drive global development, stability and prosperity within the framework of fruitful partnerships between the public and private sectors."

Commenting on the importance of the conference, Abdulla Mohammed Al Awar, CEO of the Dubai Islamic Economy Development Centre, said, "In addition to finance, the Islamic economy will contribute to the success of the ‘One Belt, One Road’ agenda through the implementation of standards and regulations, which are now international requirements for ensuring sustainability, reducing risk, and realising the social dimension of equitable and comprehensive development.

"Dubai will play a pivotal role in the ‘One Belt, One Road’ initiative given its success in strengthening its position as a cultural and legislative reference and a global incubator for the world's largest and most important conventional and Islamic companies and institutions," he concluded.