The Hamdan Bin Mohammed Smart University, HBMSU, recently signed a Memorandum of Understanding, MoU, with Shanghai Lixin University of Accounting and Finance, to develop a joint Islamic finance internship programme.

The programme is aimed at empowering youth with the right knowledge and enhance their leadership skills to make Islamic finance an engine for growth. The partnership will also boost bilateral ties between the two nations, with regard to China’s efforts to garner support for its One Belt, One Road initiative.

Under the MoU, the two sides have agreed to together raise awareness about Islamic finance by unifying their research and development efforts. The HBMSU has agreed to share its experience of practical knowledge and technical skills with the younger generation, which is necessary to reshape the future of the global Islamic economy. There are more than 350 Islamic banks and institutions in 60 countries around the world.

Dr. Mansoor Al Awar, Chancellor of HBMSU, said that the strategic partnership will provide the Islamic finance sector with creative minds capable of driving growth and prosperity according to the requirements of the 21st century.

Dr. Al Awar said, "Our efforts are aligned with the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and University President, who encourages the formulation of innovative ideas as a means to open new horizons that can unleash the full potential of the highly diverse Islamic economy."

The two parties have agreed to develop the Islamic Finance Internship Programme, IFIP, in collaboration with HBMSU’s Dubai Centre for Islamic Banking and Finance, DCIBF, China Islamic Finance Club, CIFC, and the Dubai Islamic Economic Development Centre. Both sides will also coordinate in establishing a student exchange programme while the HBMSU has also offered Chinese professors the opportunity to learn about Arab culture through short- and long-term stay at the university in Dubai.