Al Tayer Meets Luxembourg’s Finance Minister
Fahad Shabbir (@FahadShabbir) Published June 16, 2019 | 06:30 PM
LUXEMBOURG, (UrduPoint / Pakistan Point News / WAM - 16th Jun, 2019) Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, recently held a meeting with his counterpart Pierre Gramegna, Luxembourg’s Minister of Finance.
The meeting, held in Luxembourg City, was aimed at strengthening the UAE's economic and trade ties with the Duchy of Luxembourg, as well to enhance cooperation in Islamic Banking. The UAE is considered the capital of the Islamic economy. As part of the cooperation the UAE also seeks to benefit from the expertise of the Duchy, which is considered a global center for the issuance of Islamic sukuk.
Al Tayer highlighted the importance of cooperation between the two countries to galvanise the development of Islamic Banking and Finance, especially in light of the Duchy of Luxembourg’s participation in Dubai Expo 2020, which will be hosted by the UAE in conjunction with the World Government Summit 2020, during which a series of conferences and workshops across sectors will be conducted, most importantly in the field of FinTech and the Islamic Banking industry.
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 Council includes several prominent financial and economic institutions, including the Ministries of Finance of the two nations.
Bilateral cooperation between the our countries is enhanced by providing all the necessary support tools for investors in both countries."
Gramegna discussed the participation of Luxembourg in Expo 2020, especially in the area of FinTech. Additionally, the Duchy will invite UAE people in business to visit the Luxembourg House of Financial Technology, LHoFT, a 60-member multi-purpose financial technology centre.
LHoFT is a leading platform that brings together IT innovators and financial services leaders to create enduring partnerships between the two sectors. It also provides innovative solutions in Fintech services to address the growth demands of the financial sector.
Commenting on the invitation, Al Tayer added, "We appreciate the invitation of the Duchy of Luxembourg to visit the LHoFT. We are committed to strengthening the partnership and cooperation with the Duchy, as well as the exchange of expertise, which provides great marketing and investment opportunities and bolsters the UAE's position as a FinTech hub in the middle East and North Africa, MENA, region.
The UAE and the Duchy of Luxembourg have a Memorandum of Understanding focused on enhancing their relationship to this effect, which encourages the strengthening of Islamic Banking and financial products standards, as well as development of new products. The MoU also focuses on developing a model environment of governance and joint action in the Islamic Banking and finance sector.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago