Jeddah, KSA, 22.07.2013 – The Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, received Chairman of the IDB Group, Dr. Ahmad Mohamed Ali at his palace in Dubai last week.

Later, in the presence of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum Deputy Ruler of Dubai, the IDB Group and Dubai signed a Memorandum of Understanding for cooperation within the framework of “Dubai, the Capital of Islamic Economy” initiated by the Ruler of Dubai in early 2013. The initiative aims to turn Dubai in to a global hub for Islamic economy and set up a comprehensive platform of
relevant products and services inclusive of Islamic financial instruments, insurance, contracts’ arbitration, as well as standards pertaining to food industry, trade and quality management.

The MoU was signed by HE Mohammed bin Abdullah Al Qarqawi, UAE Minister of Cabinet Affairs who also heads the country’s High Committee for Development of Islamic Economic Sector, and the IDB Group Chairman. It envisages support for bilateral efforts for development of Islamic economic sector and the Islamic finance industry in the UAE, studying grounds for issuance of Sukuk, exchanging expertise on Islamic economy and Islamic financial indicators, developing the Awqaf sector as well as
establishing the legal and regulatory environment.

The IDB Group will also study introducing educational programs in Islamic economy as well as manufacturing Halal (Shari’ah-compliant) industrial products and setting up Halal standards. A number of senior banking and financial officials from the UAE government also attended the meeting.