ALHOSN University, a leading Abu Dhabi-based university dedicated to high-quality, value-based education, recently signed a training and curricular development Memorandum of Understanding (MoU) with Abu Dhabi Islamic Bank (ADIB).
The agreement includes the creation of an ADIB Leadership Program aimed at honing the skills of future Islamic banking professionals.
Under the terms of the MoU, ALHOSN and ADIB will exchange publications, host seminars, conferences, and training sessions, and develop Islamic banking academic programs at the diploma and bachelor degree levels. The agreement will be in effect for three years and will be renewable under the written consent of both parties. Only candidates who maintain a cumulative grade point average of between 2.7 to 4.0 are eligible to join the ADIB Leadership Program. The ADIB MoU will provide ALHOSN students with more credit transfer options, enhanced learning resources, and access to social programs.
"Islamic banking is playing a major role in sustaining the UAE's leadership in the financial sector amidst the ongoing global financial crisis. We thus wanted to team up with a reputable institution to develop a training and curricular development program that can impart essential Islamic banking skills to our students. Through our MoU with ADIB we aim to contribute to the development of the UAE's future Islamic banking specialists and reinforce our global leadership in this industry," said Prof. Abdul Rahim Sabouni, Vice Chancellor of ALHOSN University.
Islamic banking refers to a unique system of banking that complies with Shari'a (Islamic law). It does not allow the payment or acceptance of interest (Riba), nor investments into businesses considered forbidden (Haraam). As an ethical system, it prohibits transactions involving alcohol, pork, gambling and anything which is harmful to society or to the environment. Islamic banking uses specific modes of accepting deposits such as Mudarabah and Wakalah and upholds the principles of Murabahah, Ijarah, Istisna'a and Musharkah in providing Sharia-compliant financing.
The popularity of Islamic banking has grown during the global financial crisis due to its avoidance of speculative trade, which was a major contributor to the downturn. Islamic financial assets are expected to exceed AED 3 trillion by the end of 2010. There are currently eight Islamic banks operating in the UAE.
Abu Dhabi Islamic Bank was established in 1997 as a Public Joint Stock Company by way of an Amiri decree. It commenced commercial operations in 1998 and was formally inaugurated by then UAE Minister of Information and Culture H.H. Sheikh Abdullah Bin Zayed Al Nahyan.
Founded in 2005, ALHOSN University offers 11 undergraduate and 7 graduate programs in three faculties to students of all nationalities. The partnership with ADIB reflects ALHOSN University's commitment to engaging in major training and development programs with the country's top institutions.
Global Arab Network
Extracted from "Corporate release"