Islamic economy ready to face challenges ahead

Dubai - First China-UAE Conference on Islamic Banking and Finance held in Beijing

The first China-UAE Conference on Islamic Banking and Finance, held under the theme "Islamic Banking and Finance: Perspectives, Challenges and Sustainable Impact", recently concluded at the Diaoyutai State Guest House Fanghuayuan Estate in Beijing.
Organised by the Hamdan bin Mohammed Smart University's (HBMSU) Dubai Centre for Islamic Banking and Finance and the Dubai Islamic Economy Development Centre in cooperation with the China Islamic Finance Club and ZhiShang Intercultural Communication and in partnership with Thomson Reuters, the event gathered senior decision makers, experts, leaders, and researchers specialising in Islamic banking and finance from the UAE and China to discuss current emerging trends and challenges in the industry today, as well as tackle joint collaborative opportunities to globally promote Islamic economics.
Fahd Al Saadi, HBMSU's vice-chancellor for institutional resources and services, officially opened the conference by delivering a welcome remark on behalf of HBMSU chancellor Dr Mansoor Al Awar.
The chancellor emphasised the forum's significance with regard to the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the capital of global Islamic economy, an initiative being led by Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and HBMSU President.
He further explained that the first-ever China-UAE conference on the Islamic economy was held as a follow-up to last year's visit of His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China to strengthen the two countries' economic, cultural, social and diplomatic ties.
Dr Al Awar said: "The first China-UAE Conference on Islamic Banking and Finance is of great importance in stimulating efforts to advance Islamic banking and finance in both the UAE and China. The gathering comes at a time when major global economies are now re-examining their traditional finance system in accordance with their goal to attain a sustainable economic development. This is also in light of the growing Islamic banking and finance sector in the wake of the latest financial crisis. We are pleased with the conference's broad feedback and positive results in exploring and discussing major challenges and prospects that could shape the future of the industry globally, while also focusing on stimulating innovation and creativity in the industry in order to enhance the overall Islamic banking experience."
Keynote addresses reflected the experiences of Dubai in developing the Islamic economy; the development of Islamic finance in China; cooperation between China, the UAE and the wider Middle East; and tourism and hospitality with a focus on forging a new partnership based on the "Belt and Road" strategy.
Among the high-profile speakers were Prof Nabil Baydoun, vice-chancellor for enterprise and university advancement at HBMSU; Li Jiping, executive vice-president of the China Association for the Promotion of Development Financing; and Xie Wenbin, president of the Xinjiang Eurasian Research Institute.
- business@khaleejtimes.com