At a packed 3rd AlBaraka Finance and Economic Summit which took place at the JW Marriott Grosvenor Hotel in London, the Durham Centre for Islamic Economics and Finance signed a Memorandum of Understanding (MoU) with the AlBaraka Forum to enhance a collective impact, drive innovation, and achieve more comprehensive and effective outcomes in the field of UK Islamic economics and finance.

The UK is a flagship ‘economic hub’ for Islamic Finance and has established an ecosystem of banks, financial institutions, asset managers, and advisory firms that specialise in Sharia-compliant offerings. With the Islamic Finance market estimated to be USD$ 7.5 billion in 2024 with expectations that this will reach USD$ 8.74 billion by 2029*, it is clear why the UK government is being active in promoting the sector.

The collaboration agreed today between Durham Centre for Islamic Economics and Finance and the AlBaraka Forum aims to deliver results in the Durham Islamic Finance Summer School (DIFSS) as it shares knowledge, skills and expertise to help place participants in positions to enter and work in the Islamic financial sector.

Commenting on the signing of the MoU, His Excellency, Mr. Yousef Hassan Khalawi, Secretary-General of AlBaraka Forum for Islamic Economy, said, “We are confident that this collaboration will enhance the relationship between the AlBaraka Forum for Islamic Economy and Durham Center for Islamic Economics and Finance. Additionally, this collaboration will ensure high-quality educational, training, and development programs which are essential to the growth of knowledge and understanding of Islamic economics and finance practices.”

Durham Centre for Islamic Economics and Finance has an international reputation for teaching, conducting cutting-edge research and publishing in Islamic economics, banking and finance for almost 30 years. It combines academic excellence, insightful research and exceptional global business connections, to equip students to become innovative business thinkers of the future and an influential individual in and beyond their careers.