First Islamic banking studies centre to be established in UAE

A centre for Islamic banking and finance will be established at American University of Sharjah (AUS) as a result of an AED 30 million endowment given by Sharjah Islamic Bank (SIB), according to a Memorandum of Understanding (MOU) signed between the two organisations at a special ceremony held yesterday at the AUS campus.

Based at the AUS School of Business and Management (SBM) is envisaged as a centre of excellence that will serve as a focal point for instruction, research and outreach activities in this field at both the regional and international level.
 
Speaking on the occasion Mohammed Abdallah, Chief Executive Officer (CEO) of Sharjah Islamic Bank, said that the establishment of the centre will contribute in enriching the education and research at AUS as envisioned by His Highness Sheikh Dr. Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah.

He noted that the centre also aims to conduct academic research in the field of Islamic banking and finance as well as cater to the increasing demands of the marketplace for qualified graduates in this field.

He stated that this MOU is part of the bank's strategy to establish partnerships with institutions that are working to play their part in the development of the UAE and its nationals.

"This endowed centre indicates the Sharjah Islamic Bank's commitment to exposing students to banking and finance based on Sharia principles," said Dr. Peter Heath, Chancellor of AUS.

"Generations of students will benefit from the new educational Centre, which will help strengthen our students' ability to meet the challenges of tomorrow while retaining the core values and practices of Islamic finance. Students and professors at AUS will be able to contribute significant research on the continued growth and advantages of Islamic banking," he added. - Emirates News Agency, WAM