DED and Hawkamah to support creation of ‘Islamic Management and Governance Centre’ in Dubai
DED and Hawkamah to support creation of ‘Islamic Management and Governance Centre’ in Dubai
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Initiative aims to create a broader Islamic economic and business ecosystem Dubai, 30 June 2015: The Department of Economic Development (DED) in Dubai and the Institute of Corporate Governance (Hawkamah), a subsidiary of the Dubai International Financial Centre (DIFC), have signed an agreement to co-operate in the setting up of an ‘Islamic Management and Governance Centre’ in Dubai, in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to transform Dubai into the capital of Islamic economy. The agreement, signed between Ali Ibrahim, Deputy Director General of DED, and Dr Ashraf Gamal El Din, CEO of Hawkamah, is part of public sector collaboration for developing the economic and trade aspects of Islamic governance across all levels in Dubai. "The Department of Economic Development seeks to provide the best practices in the field of Islamic management and governance in co-operation with specialised agencies such as Hawkamah. Through such partnerships, we aim to bring in standards and practices necessary to support the establishment of a Centre dedicated to Islamic management and governance. The Centre will focus on management aspects in organisations including Islamic financial institutions but will also work to ensure its implementation in alignment with best global governance practices,” said Ali Ibrahim. “The Hawkamah will support Department of Economic Development in the design and implementation of Islamic governance standards to enact corporate governance principles set forth in the Sharia laws. We will work together towards establishment of the Islamic Management and Governance Centre as a novel infrastructure institution of Islamic economy not only at the local economic level but also at the global level,” added Ibrahim. “It is important to apply good corporate governance for the success of companies involved in Islamic Economy activities and to enable them lay solid foundations of Islamic Economy. This will strongly support Dubai’s plans to become a global hub for Islamic Economy,” said Dr. Ashraf Gamal El Din. Dr. Ashraf added: “Corporate governance makes companies balance the needs and expectations of its various stakeholders. Corporate Governance is also essential in fighting corruption and unethical behaviour in companies operating within the Islamic Economy sphere where key challenge is to create the relevant rules for the activities and culture of those companies. This is where having an ‘Islamic Management and Governance Centre is important.” Abdulla Mohammad Al Awar, CEO of Dubai Islamic Economy Development Centre (DIEDC), said: “This agreement constitutes an advanced step towards strengthening the Islamic economy ecosystem through applying the principles of transparency, equity and best practices in order to achieve a balance between economic goals and social objectives.  There is no doubt that Dubai is moving forward in its vision to grow as the capital of Islamic economy as we witness the commitment and collaborative efforts of various stakeholders to ensure the judicious use of resources for safeguarding the economy from risks and crises.” As a non-profit organisation, the Islamic Management and Governance Centre will develop implementation and monitoring mechanisms to measure the impact of standards on firms’ performance. In addition, the Centre will provide training and education on governance and management matters to wider stakeholder community and promote sharing of best practices. DED has developed the Islamic values based standards for dealing with governance and management issues following wide consultations with various government and private sector entities from different industries.

Testimonials

  • The certified Board Secretaries Workshop provided by Hawkamah and Dubai Financial Market is an essential course for learning corporate governance, scope and responsibilities of the board secretary and understanding the governance and disclosure requirements of the Dubai Financial Market and the Securities and Commodities Authority. It is a practical course which combined recent best practices and key learning lessons. I would highly recommend it for people involved in corporate governance and in particular in a listed company.

    Omran Al Zamani - Senior Legal Counsel - Dana Gas PJSC

  • Great program! Very well done and very useful information delivered in an excellent manner. The workshop was very inspirational, energizing, bringing lots of ideas, with both substantial and in-depth knowledge together with case studies. Well-balanced composition of participants, which contributed to interesting and focused discussions and exchanges. I would highly recommend it to anyone that is interested in improving their proficiency and core competencies.

    Hassan Murad Agha - Group Head of Compliance & Internal Control - Gulf General Investment Co. (PSC)

  • All companies should promote their boards, executive managers or staffs who have board responsibilities for subsidiary companies to attend corporate governance training. Hawkamah provides the ability for people and companies in the GCC to upskill in the area of corporate governance and directorship through a comprehensive programme teaching international best practice which has been tailored to regional specific governance issues.

    Alastair Mulligan - VP Asset Management - National Central Cooling Company PJSC (TABREED)

  • I am truly honored to attain this certification and I recommend the Compliance Heads of all DFM listed companies to participate and achieve this certification.

    Nabeel Mirza - Senior Director & MLRO - Compliance - GFH Financial Group B.S.C.

  • The workshop has added a level of professionalism to my practice. It addressed and discussed  the right concepts to promote better governance and effective support for business in line with rules and procedures.

    Osama Issaq Al Haj - Head of Legal & Board Secretary - Dubai Islamic Bank

  • A very interesting and informative course which has helped me to adapt my Board Secretary knowledge further to my role as Company Secretary.

    Hamad Al Hosani - Group Company Secretary - Emirates NDB Bank

  • Anyone who wants to enter the world of boards and governance; this is your passport.

    Jehad A. Kazim - Director - Legal Services Dubai Chamber

  • The Directors Development Program was one of the most beneficial programs I attend during my career life. The strength of the program comes from the way it was structured as each part covered very important aspects of the required management role.

    Nada Ishaq Abdul Karim - Manager - The Secretary of The Board of Directors - Bahrain Islamic Bank BSC

  • The DDP offered by the Hawkamah Institute is an excellent course to prepare directors to understand and fulfil their obligations properly as members of the board. I have benefitted immensely from this program and have started to implement some of the best practices taught on the boards that I am involved in.

    Amir Arab - Director - Havenvest Private Equity Middle East Limited

  • The Director Development Program is great way to gain insight and improved understanding in areas such as corporate governance and board functionality. I would highly recommend the program as a foundational step before they begin their board experience.

    Bindu Ann Joseph - Chief Operating Officer - 3W Networks

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