UAE and Luxembourg plan to boost economic ties
The UAE, considered the capital of the Islamic economy, seeks to strengthen its economic and trade ties with the Duchy of Luxembourg as well to enhance cooperation in Islamic banking.
The UAE’s Minister of State for Financial Affairs, Obaid Humaid Al Tayer, held a meeting with his Luxembourg counterpart Pierre Gramegna, who is the country’s minister of finance, according to local newswire, WAM.
As part of the cooperation, the UAE also seeks to benefit from the expertise of the Duchy, which is considered a global centre for the issuance of Islamic Sukuk.
The UAE Minister of State for Financial Affairs highlighted the importance of cooperation between the two countries to galvanise the development of Islamic banking and finance in light of the Duchy of Luxembourg’s participation in Dubai Expo 2020.
Obaid Humaid Al Tayer, the UAE Minister of State for Financial Affairs, said, “The aim of these meetings is to deliberate ways to enhance bilateral cooperation, foremost of which being the role of the UAE-Luxembourg Council for Cooperation and Development of Islamic Banking and Finance.”
The UAE and Luxembourg have an MoU which encourages the strengthening of Islamic banking and financial products standards as well as the development of new products.
Additionally, the MoU also focuses on developing a model environment of governance and joint action in the Islamic banking and finance sector.