Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, yesterday launched the Dubai Centre for Excellence in Islamic Banking and Finance as part of the drive to make the emirate the world's Islamic economy capital.
Students will be able to study for a master's and foundation certificates in Islamic banking and finance through the centre, which will be part of the Hamdan bin Mohammed e-University.
"The launch of the Dubai Centre For Excellence in Islamic Banking and Finance is a significant boost to the Islamic economy sector in the UAE, and a major step forward in the economic development agenda of Dubai," said Sheikh Hamdan, who is also chairman of Dubai Executive Council and president of the e-University.
The announcement follows the unveiling of a plan in January by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, for the emirate to become the "global capital" of the Islamic economy.
The wide-ranging initiative included a Sharia council to oversee standards in Islamic finance, an arbitration centre to resolve disputes in Islamic contracts, and a drive to boost production of halal food in Dubai.
The centre will represent a further cornerstone of the strategy, officials said.
It will conduct research to "advance the professional and theoretical foundation for Islamic banking and finance".
The centre will also play a role in improving access to Islamic banking and finance education for the wider community in the Arab world.