H.H. Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and President of Hamdan Bin Mohammed e-University (HBMeU), launched today the Dubai Centre for Excellence in Islamic Banking & Finance, which aims to support the ongoing efforts to establish Dubai as the world’s Islamic economy capital, in line with the ambitious vision and directives of the emirate’s leadership.

The new Centre, which is a result of the mutual cooperation between Hamdan Bin Mohammed e-University and “Dubai: Capital of Islamic Economy” initiative, will offer academic programs based on three premises - Human Capital Development, Research, and Community Service.

In the area of Human Capital Development, the center aims to meet the needs of the Islamic banking and finance industries based on the Life Long Learning models, through the MSc in Islamic Banking and Finance which is accredited by the Ministry of Higher Education and Scientific Research, in addition to vocational and short-term training programs.

On the research front, the Centre will conduct and facilitate research to advance the professional and theoretical foundation for Islamic banking and finance.

From a community service perspective, the Centre plays a vital role in widening the access to Islamic banking and finance education for the wider community in the Arab World and beyond.

H.H. Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum said: “The launch of the Dubai Centre for Excellence in Islamic Banking & Finance is a significant boost to the Islamic economy sector in the UAE and a major step forward in the economic development agenda of Dubai in line with the vision of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, of transforming the emirate into the global capital of Islamic economy.”

“The partnership between Hamdan Bin Mohammed e-University and “Dubai: Capital of Islamic Economy” initiative reflects the significance of mutual cooperation between various sectors in the UAE by adopting international best practices and experiences related to the Islamic economy, in order to support this concept and underline Dubai’s position as one of the world’s leading economic powers,” H.H. Sheikh Hamdan Bin Mohammed added.

Following the launch of the Dubai Centre for Excellence in Islamic Banking & Finance, H.H. Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum witnessed the signing of a cooperation agreement between HBMeU and the Open University of Catalonia (UOC) - which was signed by Dr. Mansoor Al Awar, Chancellor, HBMeU, and Dr. Josep A. Planell, Rector of the Open University of Catalonia. As per the agreement, HBMeU will develop customized Islamic banking & finance courses for the Open University of Catalonia, with the aim to promote the transfer of knowledge and expertise by the Dubai Centre for Excellence in Islamic Banking & Finance, which would eventually underline the Centre’s excellence across the global e-learning landscape.

H.E. Mohammad Abdullah Al Gergawi, Chairman of The Executive Office and Chairman of the Islamic Economy Higher Committee, said: “The launch of Dubai Centre for Excellence in Islamic Banking & Finance is a valuable addition to the ongoing efforts to develop the UAE’s Islamic Economy, as part of a series of initiatives and strategic partnerships to be launched in the coming period in support of the broader initiative aimed at establishing Dubai as the world’s Islamic economy capital.”

“Our cooperation with HBMeU is a major step forward to establish a strong foundation to support Dubai as the capital of the Islamic economy, as we are keen to work together towards a common goal and support our academic institutions that specialize in offering Islamic economy related programs, which will help promote a culture of Islamic economy at the local, regional and international levels,” H.E. Gergawi added.

Dr. Mansoor Al Awar, Chancellor, Hamdan Bin Mohammed e-University, stressed on the importance of the Dubai Centre for Excellence in Islamic Banking & Finance as a crucial addition to building an integrated Islamic economy based on state-of-the-art logistics and IT infrastructure and strong foundations in line with the initiative of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform the emirate into the world’s capital of Islamic economy. Dr. Al Awar further thanked H.H. Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and President of Hamdan Bin Mohammed e-University (HBMeU), and the Islamic Economy Higher Committee in Dubai for their cooperation that represents a major step forward in positioning Dubai as a global hub for an Islamic-compliant economy at all levels.

“Hamdan Bin Mohammed e-University has been chosen to supervise the Centre given the advanced infrastructure and high-quality academic programs and training courses it offers to prepare and employ learners of Islamic finance, under the supervision of highly skilled and experienced e-learning professionals to strengthen the concept of Islamic economy across the world through online media. We look forward to building on the strategic partnership with UOC to develop the Islamic banking and finance curricula to help reach the highest levels of excellence and leadership in e-learning,” Dr. Al Awar added.

The Dubai Centre for Excellence in Islamic Banking & Finance is of immense importance as it represents a quality-oriented addition to meet the needs of the Islamic banking and finance industry by offering academic, rehabilitation and professional training programs and scientific research in line with best international practices.

HBMeU also revealed that the Dubai Centre for Excellence in Islamic Banking & Finance will gain from the extensive experience and knowledge of the Advisory Board members of the Centre who include  renowned  personalities such as Dr. Yusuf DeLorenzo, Chief Shari'ah Officer and Board Member at Shari'ah Capital, USA; Professor Datuk Dr. Syed Othman Al Habshi, Chief Academic Officer of INCEIF, Malaysia; Emeritus Professor Rodney Wilson from Durham University, UK; Neil D Miller, Global Head of Islamic Finance at Linklaters, UK; Dr. Fahim Khan, Chairman of Riphah Center of Islamic Business, Pakistan; and Dr. Khaled Al Fakih, Secretary General of AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions, Bahrain.      

Hamdan Bin Mohammed e-University is the first learning institute to launch a dedicated platform to boost academic knowledge and professional expertise in Islamic banking and finance across the Arab World and beyond, in line with the directives of H.H. Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum to launch value-added initiatives that establish Dubai as the world’s Islamic economy capital and underlining the emirate’s position among the top Islamic banking hubs in the world.

The Centre reflects HBMeU’s commitment to lifelong learning through the application of a blended learning approach, combining the benefits of face-to-face learning, online collaboration, and self-paced learning. This will enable the Centre to reach a broad audience located in different parts of the world and having different learning styles and levels.