UAE and UK in talks over financial services cooperation

The Lord Mayor of the City of London led a delegation that visited the Dubai International Financial Centre (DIFC) and the Dubai Islamic Economy Development Centre (DIEDC) to discuss areas of mutual interest in the financial services industry.

DIFC chief executive Arif Amiri and Alderman Charles Bowman, pictured left, together with DIEDC chief executive Abdulla Mohammed Al Awar, held discussions on a number of topics that included Islamic trade finance, innovation in Islamic finance and the fintech revolution.

Charles Bowman said: “Over the years, we have established a strong long-term partnership with the DIFC, which has allowed us to facilitate a number of mutually beneficial opportunities. We look forward to further strengthening our existing relationship and exploring synergies in Islamic finance between the City of London and the Centre.”

Amiri said: “Dubai is a dynamic city with a vision to become the capital of the world’s Islamic economy. Developing the regional and global Islamic finance industry has always been one of the DIFC’s key priorities.”

Al Awar pointed to the UAE’s growing importance as a global hub for Islamic finance.

“Since the launch of the initiative, we were convinced that putting in place a global economic system would spark the interest of those seeking sustainable growth and just development,” said Al Awar.

“Achieving this vision, no doubt, requires building synergies with countries that boast longstanding experience in the field of Islamic economy. We were positive even back then that the UK, more specifically the City of London, would play a vital role in globalising the principles and culture of Islamic economy through ensuring an enabling environment.”

Eugene Costello
Eugene Costello has been a journalist for some 20 years, and has written for a wide variety of UK and international newspapers and magazines.

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