The Dubai Islamic Economy Development Centre (DIEDC) has become an observer member of the London-based Responsible Finance and Investment (RFI) Foundation, it has been announced. The step represents the rising stature of Islamic finance among the world’s responsible finance systems.

Under the terms of the partnership, the RFI Foundation and DIEDC will collaborate towards the common goal of shifting the focus of the financial sector from accumulating wealth to supporting equitable, inclusive, and sustainable growth. In its new role as an RFI observer member, DIEDC aims to highlight the importance of the financial sector in boosting the non-financial economy and to promote an ethical business approach to sustainability.

The RFI membership reinforces DIEDC’s commitment to forging synergies between the Islamic economy and other business and finance systems that seek to achieve economic, social, and environmental sustainability. As a member, DIEDC will gain access to the RFI Foundation’s research and its diverse network of organisations with connections to financial as well as non-financial sectors.

Abdulla Mohammed Al Awar, Chief Executive Officer of DIEDC, said, "In joining the RFI Foundation, we integrate the efforts of our two entities to identify universal principles that guide responsible finance. This objective aligns with our mandate to drive the implementation of the 'Dubai: Capital of Islamic Economy' initiative, launched under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai."

He added, "Islamic finance is based on fairness in business and focuses on enabling and serving other economic sectors as a core priority. In our drive to promote ethical and fair principles, we continue to find minor disparities in the perception of sustainability across the responsible finance industry. We are confident that the underlying values of Islamic economy can help eliminate ambiguities and clarify what responsible finance is all about."

Blake Goud, CEO of the RFI Foundation, said, "We are delighted to welcome DIEDC as an observer member. During the past five years, the Centre has played a pivotal role in the globalisation of Islamic economy. The success of our mission in bringing together Islamic finance and other areas of responsible finance that share common values depends on the credibility our members bring to the work we do. In this context, DIEDC is a valuable addition to the RFI Foundation’s member community that includes multilaterals organisations, commercial banks and asset managers."