The UAE and Luxembourg want to strengthen the economic ties between them and enhance cooperation in the field of Islamic banking.
As part of the cooperation the UAE is also seeking to benefit from the expertise of the Duchy, which is a global financial center, for the issuance of Islamic sukuk. The UAE's minister of state for Financial Affairs, Obaid Humaid Al Tayer, held a meeting with his counterpart from Luxembourg, Pierre Gramegna.
The UAE minister of State highlighted the importance of cooperation between the two countries to galvanise the development of Islamic banking and finance in light of the Duchy of Luxembourg's participation in Dubai Expo 2020, during a visit to the European nation.
The aim of these meetings is to deliberate ways to enhance bilateral cooperation, foremost of which being the role of the UAE-Luxembourg Council for Cooperation and Development of Islamic Banking and Finance"
"The aim of these meetings is to deliberate ways to enhance bilateral cooperation, foremost of which being the role of the UAE-Luxembourg Council for Cooperation and Development of Islamic Banking and Finance," Obaid Humaid Al Tayer said.
Gramegna discussed the participation of Luxembourg in Expo 2020, especially in the area of fintech. Additionally, the Duchy will invite UAE people in business to visit the Luxembourg House of Financial Technology, LHoFT, a 60-member multi-purpose financial technology centre.
LHoFT is a leading platform that brings together IT innovators and financial services leaders to create enduring partnerships between the two sectors. It also provides innovative solutions in Fintech services to address the growth demands of the financial sector.
Commenting on the invitation, Al Tayer added: "We appreciate the invitation of the Duchy of Luxembourg to visit the LHoFT. We are committed to strengthening the partnership and cooperation with the Duchy, as well as the exchange of expertise, which provides great marketing and investment opportunities and bolsters the UAE's position as a fintech hub in the Middle East and North Africa, MENA region."
The UAE and Luxembourg have an MoU which encourages the strengthening of Islamic banking and financial products standards as well as the development of new products.
Additionally, the MoU also focuses on developing a model environment of governance and joint action in the Islamic banking and finance sector.