Rustam Minnikhanov visits Dubai Islamic Economy Development Centre and Dubai Islamic Bank in the UAE

On December 28, during his working visit to the UAE, Tatarstan President Rustam Minnikhanov visited the Dubai Islamic Economy Development Centre. 

Established in 2013 by Crown Prince of Dubai and Chairman of the Dubai Executive Committee His Highness Sheikh Hamdan bin Mohammed Al Maktoum, the Centre focuses on the development of strategic partnership with regional and international organizations for effective cooperation within the principles of Islamic economics.

Minnikhanov was told that in 2017 the specialists of the Centre developed a new economy strategy for 2017-2021 (Halal lifestyle). It aims to identify key performance indicators for monitoring the growth of three main pillars of the Islamic economy, including Islamic finance, Halal sector and Islamic lifestyle that includes culture, art, fashion, family tourism.

The Centre attaches special importance to the development of the Islamic digital economy. One of its tasks is the training of highly qualified specialists in this field.

After the presentation of the strategy, Minnikhanov discussed its basic principles with the UAE Minister of Economy, Chairman of the Dubai Islamic Economy Development Centre Abdullah Sultan bin Said Al Mansouri and CEO of the Centre Abdulla Mohammed Al Awar.

Tatarstan President noted that Islamic banking is gaining momentum in the world and is actively occupying its place in the world economy.

During their visit to the Centre, the members of the delegation of Tatarstan had some targeted meetings which discussed cooperation in such areas as agriculture, Halal products, Halal tourism, and the development of Halal industry in the health-care sector.

A Memorandum of Understanding between the Russia-Islamic World Strategic Vision Group and the Dubai Islamic Economy Development Centre was also signed.

The parties agreed that a working group will be set up to prepare a roadmap for all areas of cooperation to develop the Islamic economy. They also agreed that Halal lifestyle will be the main topic of the forthcoming 10th International Economic Summit of Russia and OIC countries - KazanSammit.

Later on the same day, Minnikhanov had a meeting with Group CEO of Dubai Islamic Bank Adnan Chilwan and Managing Director of Dubai Islamic Bank Abdulah Ali  Obaid Al Hamli.

Minnikhanov was told about the capabilities of the Dubai Islamic Bank, its projects and financial instruments,  main goals and objectives. 

As noted at the meeting, this bank is a pioneer in introducing the Islamic financing instruments. At present, Tatarstan is interested in the experience the Dubai Islamic Bank has gained in the field of personnel training.

The meeting agreed to establish a joint working group to determine further steps for cooperation between the relevant agencies of Tatarstan and the Dubai Islamic Bank.