Dubai – MENA Herald: Dubai Center for Islamic Banking and Finance (DCIBF), an institution formed by the Hamdan Bin Mohammed Smart University (HBMSU), has won the ‘Best Research and Publications’ category in this year’s edition of the Global Islamic Finance Awards, which was held recently in Bahrain. The award complements DCIBF’s achievements to lead in knowledge creation, encourage investments in research and development, help boost the Arab economies and support the strategic objectives of leading initiatives launched by H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as the capital of the global Islamic economy.

Prof. Nabil Baydoun, Vice Chancellor for Enterprise & University Advancement, HBMSU and CEO of DCIBF, personally received DCIBF’s award at this year’s GIFA ceremony in the presence of prominent government officials, diplomatic personalities and industry leaders, including H.R.H. Muhammadu Sanusi II, the Emir of Kano, H.E. Rasheed Al Maraj, Governor of the Central Bank of Bahrain, H.E. Simon Martin CMG, UK Ambassador to Bahrain; H.E. Dato Sharizan Abd Samad, Malaysian Ambassador to Bahrain; and H.E. Muhammad Saeed Khan, Pakistani Ambassador to Bahrain.

Dr. Mansoor Al Awar, Chancellor of HBMSU said: “HBMSU is truly humbled to receive this great honor from GIFA, which affirms our huge success in helping promote Islamic finance and position Dubai as its global hub. Al Awar pointed out that “DCIBF plays a complementary role to the efforts of Dubai Islamic Economy Development Centre (DIEDC), which operates under the auspices of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, on the development of the legal and regulatory environment and human competencies and create a solid infrastructure for the implementation of the ambitious initiatives that would establish the rules and principles of Islamic economics and accelerate the development of Dubai into the capital of the global Islamic economy.

He added: “The Dubai Center for Islamic Banking and Finance fulfils our vision of creating an institution that can accelerate the embodiment of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, of Dubai’s rise as the capital of the global Islamic economy by developing the necessary human capital. This award particularly attests to DCIBF’s success in advancing research and knowledge transfer, which also happen to be among HBMSU’s core activities in its efforts to help address critical activities related to economic development in the Arab World. We commend the outstanding efforts of the DCIBF team in assisting the emirate to harness its full potential as the leading hub for the Islamic economy.”

Dr. Humayon Dar, Chairman, GIFA Committee, added: “We congratulate HBMSU for DCIBF’s win for ‘Best Research and Publications 2015’. DCIBF is already making a considerable impact on Dubai’s pursuit of global leadership as the Capital of Islamic Economy, particularly by preparing a new generation of expert practitioners who can effectively respond to present and future challenges posed by the field and create new horizons to reach within the Islamic finance sector to higher levels of growth. Its success reflects HBMSU’s exceptional dedication to quality and excellence, and promoting leadership in scientific research. We are confident that the Center will continue to play a leading role in promoting and developing Islamic finance at the local and global levels.”

DCIBF was established in 2013 by HBMSU under the ‘Dubai the Capital of Islamic Economy’ initiative. It supports the development of human capital and competencies and conducts both academic and applied research in the field of Islamic Finance. Located within the campus of Hamdan Bin Mohammed Smart University, the center initiates projects that can help formulate policies and strategies across economies where Islamic finance is practiced, and provides high-profile education and training programs, scientific research activities and community services.

The Global Islamic Finance Awards, also known as ‘GIFA,’ recognizes and celebrates the achievements and contributions of exceptional individuals and institutions involved in the Islamic financial services industry. It is based on an objective selection methodology developed by Edbiz Consulting, a London-based Islamic financial consultancy. GIFA’s ultimate objective is to promote social responsibility, adherence to Shari’a authenticity, and commitment to Islamic banking and finance. Winners are chosen after detailed independent research work by the GIFA team and meticulous deliberations by the GIFA awards committee.