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Dubai - The Ministry of Finance (MoF) hosted the first UAE-Luxembourg Council for Islamic Finance Cooperation meeting in Dubai yesterday.The meeting was attended by a number ofprominent economic and financial institutions from both countries.
The meeting was headed by HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance and Ms Isabelle Goubin; Director of Treasury, Luxembourg's Ministry of Finance. The attendees included HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations at MoFand HE Abdulla Mohammed Al Awar, CEO ofthe Dubai Islamic Economy Development Centre (DIEDC), along with a number of financial government and private sector representatives from both sides.
UAE members of the council includeMoF, the Central Bank, UAE University, Dubai Islamic Economy Development Centre, World Trade Center Abu Dhabi, Dubai Chamber, Etihad Airways, Al Hilal Bank, Sharjah Islamic Bank and Abu Dhabi Islamic Bank. Luxembourg's representativesinclude the Ministry of Finance, Luxembourg Bankers' Association, Association of the Luxembourg Fund Industry and the University of Luxembourg.
HE Younis Haji Al Khoori opened with a welcome speech, emphasising the UAE's commitment to activating the role of the UAE-Luxembourg Council for Islamic Finance Cooperation, which will provideall the necessary support to investor companies and individuals in the UAE and Luxembourg, in order to help them develop and expand their business in the Islamic banking and finance sector.
HE stressed that the UAE and Luxembourg are linked by a Memorandum of Understanding, which is focused on strengthening relations between the two countries through exchanging best Islamic banking and finance practices, encouraging the development of industry standards for Islamic banking and financial services and developing new products. The MoU also stipulates that the UAE and Luxembourg will work together to promotesound governance and enhance synergies in the field of Islamic banking and finance.
HE highlighted that the growing internationalisation of Islamic finance has resulted in greater cross-border financial flows and more diversified economic interlinkages between countries, considering that the trend for multi-currency Sukuk issuances has contributed towards the stronger positioning of theSukuk as a global product for fundraising and investment activities in internationalfinancial markets.
Throughout the meeting, the Central Bank delivered a presentation discussing the historical background of financial services in the UAE, the role of the Central Bank with respect to Islamic banking, as well as its international participation in Islamic financial development, in terms of memberships and associations with global and specialised bodies, as well as promotional and awareness programmes. Additionally, representatives from Etihad Airways presented their thesis on the exchange of academic projects such as research, student exchange and training programmes for financial service experts.
The DIEDC delivered a presentation on Sukuk issuance and how to position it as a global product. The centre highlighted that the total amount of Sukuk issues globally in 2014 had exceeded $100 billion, of which "NASDAQ Dubai" shares amounted to $13.4 billion, which came through the issuances of the Hong Kong government, the Islamic Development Bank, Dar Al Arkan, the Government of Sharjah and Fly Dubai, amongst a number of other agencies. The presentation referred to the United Kingdom as the first non-Muslim country to issue Sukuk, followed by the governments of Hong Kong, South Africa, Luxembourg and Senegal.
MoF discussed the importance of having an effective marketing and communications plan between the two parties to promote their activities andthe latest developments in Islamic banking and finance, through organisingan annual joint conference between the two countries.
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© Press Release 2015
