aafaq Islamic Finance, a leading provider of Islamic finance products and services in the UAE, has recently entered into a strategic collaborative agreement with the academic institution ‘Emirates College of Technology’ (ECT). This is the latest key partnership in aafaq’s bid to promote Islamic banking and finance and contribute to making Dubai the capital of the global Islamic economy through investments in various economic sectors.


Under the MoU, aafaq’s ‘Institute of Finance and Management’ will implement occupational training programs focusing on the Islamic economy, its theories and applications, as well as topics that support banking and financial establishments in general. The MoU lays the foundation for strong cooperation in terms of human resource development, research and consultancy in the field of Islamic finance.

aafaq’s CEO Dr. Mahmoud Abdelaal and ECT’s President Prof. Bruce Douglas Taylor signed the MoU that also enjoins both sides to identify other areas of collaboration to further boost their strengths and attain their respective goals.

Prof. Taylor said: “In order for us to be recognized as one of the UAE’s leading private universities, we make important investments to ensure that we provide only top quality teaching, research and community services to all our stakeholders. We put a high premium on the skills of our people in accordance with our commitment to the country’s shift towards a knowledge-based economy. Our agreement with aafaq, which is known for its expertise in Islamic finance, is a big leap towards the realization of our vision and mission. The MoU will pave the way for us to establish mutually beneficial initiatives that will serve our best interests. We look forward to working closely with aafaq to explore more fruitful development avenues.”

Dr. Mahmoud Abdelaal said: “Our partnership with ECT is yet another valuable opportunity for us to reinforce knowledge and human capital capabilities in the field of Islamic banking and finance. We are confident that the scientific research and consultancy components of our MoU will further drive growth in this sector, thus bringing us closer to our main objective of helping establish Dubai as the capital of the international Islamic economy. Our expertise, skills and resources to undertake education, training and research in Islamic banking and finance and other related areas strongly complement ECT’s initiatives aimed at investing in employee development and promoting a research environment as part of its contributions to society. We welcome our partnership with them as both parties are fully committed to producing relevant and meaningful results that will ultimately help in the UAE’s advancement and progress.”


About Aafaq - Islamic Finance 

Backed by an eminent and respected group of shareholders, Aafaq - Islamic Finance was established in 2006 to provide innovative Islamic financial services and products that comply with Islamic Sharia across the UAE and the Region.

The company's strategic focus is set towards exploring and discovering available opportunities within various business sectors in order to achieve the highest return for its shareholders. Aafaq holds strategic partnerships with the Ministry of Finance and the Ministry of Labor, Department of Economic Development - Dubai, DMCC, NASDAQ Dubai , Menacorp, Tas'heel Centers, flydubai and Airarabia.

The company, which works closely with some of the world’s leading financial institutions, offers a variety of high-quality financial services like Corporation Finance, Retail Finance, e-Dirham, Labor Guarantees, Wages protection system, Payment for the DED, flydubai reservation payment, Airarabia reservation payment. Aafaq outlets exist in 54 "Tas'heel Centers and government departments across UAE.


Source: Orient Planet PR & Marketing Communications