Dubai: The Dubai Islamic Economy Development Centre (DIEDC) on Monday signed a Memorandum of Understanding (MoU) with The State Bank for Foreign Economic Affairs of Turkmenistan (TFEB) to exchange knowledge, experience and best practices in Islamic economy.

The MoU was signed by Sultan Bin Saeed Al Mansouri, UAE Minister of Economy and chairman of DIEDC, and Rahimberdy J. Jepbarov, chairman of TFEB.

It aims to establish channels of cooperation between the two parties in the fields of Islamic banking and finance, with a focus on Islamic capital markets, particularly sukuk, while facilitating coordination and exchange of experience in the halal industry.

The centre, in partnership with TFEB, aims to organise workshops and training courses and share professional research and development expertise. In addition, the two parties have set up a joint committee to oversee collaboration in the research and knowledge sectors that support the development of the Islamic economic system.

“This partnership between DIEDC and TFEB will further strengthen synergies between our two countries and open doors for new collaborations in sustainable investment in Islamic economy, especially in the Islamic finance sector — a vital pillar of the Turkmenistan government’s long-term development plans,” Al Mansouri said in a statement.

He further highlighted sukuk as an effective tool to finance projects in infrastructure, education and health care, as well as in other vital sectors in line with the efforts of the two countries to contribute to achieving the UN’s Sustainable Development Goals (SDGs).

“Bilateral relations between the UAE and Turkmenistan continue to grow and prosper as we witness greater support from our Emirati counterparts.

“Dubai’s efforts in nurturing an enabling ecosystem and its positive steps in standardising halal regulations have successfully strengthened its position as the global capital of Islamic economy, and garnered the city international trust. Building on existing collaborations in the fields of renewable energy, we have joined hands once again to expand partnerships into mutually-beneficial areas for both our countries,” TFEB’s Jepbarov said.