 |
| Source: aafaq. The memorandum of understanding (MoU) was signed by Dr Mahmoud Abdalaal, CEO of aafaq Islamic Finance (right), Professor Bruce Taylor, President of ECT (left), and Wael Al-Anqar, Chairman of the Board of Trustees and CEC presenter (not pictured). |
The Institute of Finance and Management (IFM), a training institute for global professional certificates in Islamic finance, has partnered with the Emirates College of Technology's (ECT) Continuous Education Centre (CEC), an Abu Dhabi-based private institution of higher education, to explore the development of human resources, research and consultancy.
Under the terms of the agreement, IFM and ECT will issue a joint professional diploma in Islamic finance inclusive of Islamic banking, Islamic capital markets, risk management for Islamic financial institutions, accounting, International Financial Reporting Standards (IFRS) vs Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and takaful. The certificates bearing the logos of both parties will be issued upon successful completion of the course.
Dr Mahmoud Abdalaal, CEO of aafaq Islamic Finance, said: “We continue to partner with pioneering and leading institutions in the UAE to contribute to the progress and development of the nation’s economy, specifically by preparing qualified and skilled professionals who can lead the country towards economic excellence. The highly strategic collaboration between IFM and ECT and CEC will provide high-quality training and professional development programmes to students to fuel their career growth. We are confident that this partnership will result in building visionary Islamic finance leaders of the future who will lead Dubai in its efforts to become the capital of the global Islamic economy in a few years.”
“In a strategic move, ECT has collaborated with IFM to offer joint diploma and certificate courses in wide range of Islamic Finance -related topics to build the professional competences of the UAE,” added Professor Bruce Taylor, President of ECT. “CEC is a reputed institution for distinctive educational programmes and the courses offered under the MoU are specifically developed for aspiring students looking to build a career in the promising Islamic finance sector. We are upbeat that our partnership will help in strengthening the UAE’s human capital, enabling them to play a decisive role in the banking and finance industry to address the challenges of the global economy.”
“The collaboration between IFM and ECT-CEC will offer the best Islamic finance programmes and courses with a strong focus on research, innovation, and training. We aim to underscore the importance of Islamic finance in the current and future economic perspectives. Aside from benefitting both parties, the partnership will contribute in building a generation of qualified professionals with the skills to address the challenges of the local, regional and global economies,” concluded Dr Mahmoud.
 |
| Source: aafaq. The memorandum of understanding (MoU) was signed by Dr Mahmoud Abdalaal (right), and Dr Sheikh Khalid Bin Mohammed Bin Abdullah Al Khalifa, Founder and Chairman of Board of Trustees at University College of Bahrain |
The MoU follows a separate signing ceremony between aafaq Education, an IFM subsidiary specialising in managing and investing in educational institutions, and the University College of Bahrain. The two organisations will offer an Executive Master’s Degree in Islamic Finance in the UAE.
The new agreement comes as the UAE is witnessing growing investments towards human capital to raise the bar of Islamic finance in line with Dubai’s efforts to achieve the vision of becoming the capital of the global Islamic economy. Aafaq Education will provide the necessary licensing for the provision of the new Master’s programme in the UAE, in addition to the required offices and state-of-the-art classrooms along with the management of the programme. Aafaq Education will also be responsible for marketing and promoting the new academic programme in the UAE and the GCC region.
Dr Mahmoud said: “The agreement with the University College of Bahrain is a significant addition to aafaq Education’s network of strategic partnerships aimed at making a positive impact in terms of driving faster growth and development of the Islamic finance industry which is considered a pivotal contributor to the global economy. The new partnership supports the ongoing efforts to provide the Islamic finance industry with highly qualified professionals who are able to continue the journey of excellence and leadership in the UAE and reinforce the country’s position on the map of the world Islamic economy.
“It will help in addressing the growing need for specialised manpower to deal with the ongoing changes and developments of Islamic banking products and services. At the same time, it will leverage available opportunities in the Islamic finance industry that continues to play a crucial role in maintaining a stable global economy and is poised to reach a total of US$3.4 trillion by 2020. We are confident that this agreement will be of great benefit in building competences and encouraging investment in human capital to achieve Dubai’s 'Capital of Islamic Economy' initiative launched by HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.”
Dr Sheikh Khalid Bin Mohammed Bin Abdullah Al Khalifa, Founder and Chairman of Board of Trustees at University College of Bahrain, commended aafaq Islamic Finance’s vital role in supporting the UAE market with best-in-class Islamic financial services. He underlined their efforts to encourage research, development and training to address the various needs and requirements of the Islamic economy.
“Cooperating with one of the leading finance companies in the UAE opens up a new door for us to expand our specialised academic programmes and paves the way to contribute effectively in providing the local and the GCC markets with highly qualified human resources who have the skills and talents to face emerging challenges and take advantage of the promising prospects in Islamic finance, in support of the serious efforts to promote (the) Islamic economy,” Dr Al Khalifa said.
Established 13 years ago, the University College of Bahrain is a provider of the best higher education and academic Bachelor and Master degree programmes. It has a total of more than 1,500 Bachelor and Master graduates in business management, information systems, and graphic design. In line with the growing role of the GCC region as a key player in the Islamic economy, the University College of Bahrain is keen to expand its scope of academic programmes in Islamic finance through effective partnerships with leading financial institutions such as aafaq Islamic Finance.
Launched to support the Islamic economy concept, IFM provides a unique range of certificates with global partners along with a wide spectrum of management courses and programmes through an e-learning platform. In addition, it provides professional training services to individuals, institutions, banks and organisations.
The ECT was established in 1993 by the UAE Ministry of Education to provide technical and business development education. The CEC was opened with the goal of offering diverse, efficient and high-quality training programmes and professional development services to individuals and institutions in the public and private sectors.