In cooperation with Universitat Oberta de Catalunya, academic program boosts efforts to turn Dubai as capital of global Islamic economy

Dubai Centre for Islamic Banking and Finance of HBMSU supports Dubai Strategy in cooperation with Dubai Islamic Economy Development Centre

H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, led the launching of the world’s first online Executive Master's in Business Administration (EMBA) in Islamic Banking and Finance at Dubai Islamic Economy Development Centre stand during the 10th World Islamic Economic Forum. The academic program was designed by the Dubai Centre for Islamic Banking and Finance (DCIBF) of Hamdan Bin Mohammad Smart University (HBMSU) in cooperation with Universitat Oberta de Catalunya (UOC). The announcement was made at the 10th World Islamic Economic Forum and was done in the presence of H.H. Sheikh Hamdan bin Mohammed bin Rashed Al Maktoum, Crown Prince of Dubai and President of HBMSU and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai.

The launch was also attended by H.E. Mohammad Abdullah Al Gergawi, Chairman of the Dubai Islamic Economy Development Center; H.E. Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Secretary General of Dubai Islamic Economy Development Centre (DIEDC); Mansoor Al Awar, HBMSU Chancellor and Chairman of the Governing Board of the UNESCO Institute for Information Technologies in Education (IITE); Dr. Joseph A. Planell, UOC President; Abdullah Mohammad Al Awar, CEO of the Dubai Islamic Economy Development Centre; and Prof. Nabil Baydoun, Assistant Chancellor of HBMSU’s Enterprise and University Advancement and DCIBF CEO.

The EMBA helps reinforce Dubai’s efforts to transform itself into the capital of the global Islamic economy in line with the grand vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum. The EMBA is the first online academic program on Islamic economy to be delivered by a European university.

The launching was followed by a special press conference attended by Dr. Mansoor Al Awar, HBMSU Chancellor and Chairman of the Governing Board of the UNESCO Institute for Information Technologies in Education (IITE); Dr. Joseph A. Planell, UOC President; Abdullah Mohammad Al Awar, CEO of the Dubai Islamic Economy Development Centre; and Prof. Nabil Baydoun, Assistant Chancellor for Institutional Projects, HBMSU.

The EMBA supports the ongoing efforts aimed at meeting the needs of Islamic banking and finance industry. The program is based on a model that focuses on providing learners with the latest knowledge and best practices in various areas related to the thriving Islamic economy.

Launched by H.H Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and HBMSU President, the online EMBA falls in line with the directives and vision of the emirate’s leaders aimed at offering academic programs that promote Human Capital Development, Research, and Community Service.

H.E. Mohammad Abdulla Al Gergawi said: “The demand of the rapidly growing industry is increasing, thus, all stakeholders and industry leaders must gather together to discuss the sector’s phenomenal expansion. This year’s forum is the perfect venue to talk about promising opportunities and industry challenges so we can come up with effective solutions and initiatives. The discussions will be an added value to our intensified efforts to position Dubai as the capital of the global Islamic economy in line with the directives of H.H. Sheikh Mohammed bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.”

Al Gergawi added: “We also commend Dubai Centre for Islamic Banking and Finance and the UOC for their collaborative efforts to develop the comprehensive Executive MBA in Islamic Banking and Finance. The program will help produce a generation of professionals capable of meeting local, regional and global needs and requirements. We hope to see similar cooperation in the future among academic institutions to equip our current and future generation with world-class skills and knowledge that will make them globally competitive.”

Dr. Mansoor Al Awar, said: “We are delighted to participate in the 10th World Islamic Economic Forum, which is an ideal platform for us to launch our first-of-its-kind Executive MBA program in Islamic Banking and Finance—a new course offering that reflects our continued efforts in providing quality education and research works in order to contribute to human capital development efforts in the Islamic Banking and Finance industry.”

Al Awar added: “We developed the new program in cooperation with UOC, which is the first European university to offer a specialized academic program in Islamic Banking and Finance. The fruitful collaboration between UOC and HBMSU has paved the way to integrate our cultures, processes, methodologies and different learning styles to ensure the highest levels of quality and excellence. Our ultimate goal is to produce high-caliber professionals equipped with the technical skills and knowledge needed to excel in the specialized field of Islamic finance.”

Dr. Joseph A. Planell said: “The degree is our response to the growing global interest in Islamic finance and banking. It specifically targets finance professionals who wish to increase their knowledge and proficiency in the field and also individuals who aspire to make their mark in the industry. By enrolling in our Executive MBA program, learners will undergo rigorous training in Islamic finance, banking, economics and law. They will also gain an in-depth understanding of strategic management, leadership, international business, and marketing. For our part, our collaboration with HBMSU, as well as our participation in the 10th World Islamic Economic Forum, falls in line with our 2014-2020 Strategic Plan, particularly covering our mission to promote a better understanding of Islamic culture and to internationalize our programs.”

The Dubai Centre for Islamic Banking and Finance will be participating in the 10th World Islamic Economic Forum through the Islamic Banking and Finance ‘Dubai: the Capital of Islamic Economy’ stand. This is part of the move to highlight the thriving Islamic finance sector and growing business opportunities in the Arab region.

The 10th World Islamic Economic Forum is taking place amidst a rapidly growing Islamic finance industry. The industry’s current size is approaching USD 1 trillion and is expected to reach USD 4 trillion by 2020. More than 350 Islamic banks and financial institutions currently operate in over 60 countries around the world. The forum is an ideal platform to promote communication between the high-profile participants who comprise government personalities, diplomats, top-level leaders, decision makers and experts from the global economic arena.