Building a #partnership between Islamic and traditional finance
According to Abdulla Mohammed Al Awar, CEO of Dubai Islamic Economy Development Centre (DIEDC), leveraging the opportunities that Islamic banking and finance instruments represent is now more critical than ever before. DIEDC has identified a five-pronged approach to achieve this. First, Islamic economy has to be treated as one organic ecosystem that transcends borders and special interests. Second, a partnership is needed between Islamic and traditional finance to develop real projects in which both can work as stakeholders. It is also important to look for new strategic partners, not excluding countries that are experiencing internal conflicts. Such partnerships should be a true reflection of mutual interests. Islamic financial institutions have to factor in inclusive development and social impact as key priorities.
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