Dubai Islamic Economy Development Centre expands European reach

A roundtable in Malta has provided Dubai Islamic Economy Development Centre an opportunity to expand the footprint of Islamic economy in Europe
Dubai Islamic Economy Development Centre expands European reach
By WAM
Tue 21 May 2019 05:11 PM

A roundtable in Malta has provided Dubai Islamic Economy Development Centre, DIEDC, an opportunity to expanding the footprint of Islamic economy in Europe, as well as exchanging knowledge and expertise in the Islamic finance field, and enhancing bilateral relations.

The participants also discussed Malta’s potential to become a key Islamic finance hub in Europe, considering the presence of substantial Muslim communities in Central European countries, such as Italy, France, and Germany. The event was organised in collaboration with the Malta Islamic Finance Association, MIFA.

The Maltese government has expressed significant interest in Islamic finance due to its strategic geographical location in the Mediterranean region, between Europe and North Africa, as well as its longstanding ties with the Arab and Muslim worlds.

Commending MIFA’s efforts in introducing Islamic finance in Malta, Saeed Mubarak Kharbash Al Marri, Deputy CEO of Strategy and Planning at DIEDC, noted that the roundtable provided a platform to share Dubai’s success in boosting Islamic economy’s contribution to the Dubai GDP.

Through the roundtable, Dubai's Islamic Centre also assured Maltese participants of its full support and cooperation as well as the support of other Dubai-based stakeholders, such as Emirates NBD, Nasdaq Dubai, S&P Global, and leading sharia scholars and lawyers.

"Through this visit, we aimed to explore the capital market in Malta and closely study the country’s economic system and climate to gain a thorough understanding of the opportunities that exist. We also seek to promote the digital Islamic economy pillar of the DIEDC 2017-2021 Strategy," Al Marri added.

For his part, Rueben Buttigieg, President of MIFA, thanked the centre for sharing its experience and best practices in the Islamic economy. He also highlighted the noteworthy endeavours of various entities in Malta that have been ongoing since 2010 to introduce Islamic finance to the island nation.

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