Dubai, Kazakhstan set to promote ties on Islamic economy

dubai - They will exchange expertise in the field of Islamic economy and finance, halal industry and human capital development

The Dubai Islamic Economy Development Centre (DIEDC) on Monday signed a memorandum of understanding (MoU) with the Astana International Financial Centre (AIFC) to exchange expertise in the field of Islamic economy and finance, halal industry and human capital development.

Sultan bin Saeed Al Mansouri, UAE Minister of Economy and Chairman of DIEDC, and Kairat Kelimbetov, governor of AIFC, signed the MoU.

Al Mansouri said: "The agreement marks the start of a new phase of cooperation between the UAE and Kazakhstan in the field of Islamic economy that is increasingly attracting countries aiming to achieve financial stability and sustainable growth in vital sectors."

Under the remit of the MoU, Kazakhstan will benefit from the rich experience of Dubai and the UAE in developing an integrated Islamic economy strategy and implementing Shariah-compliant financial mechanisms. Both parties will exchange knowledge relating to Islamic economy and provide documentation on Islamic finance transactions.

Furthermore, DIEDC will assist in setting up the Kazakh Halal Accreditation Body in collaboration with its partners. The organisation will join the International Halal Accreditation Forum, established in May 2016 with the support of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Led by DIEDC and the Emirates Authority for Standardisation and Metrology, the Forum aims to boost the status of Dubai as the global capital of Islamic economy.

- business@khaleejtimes.com