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Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, and the Higher Colleges of Technology (HCT), signed a memorandum of understanding (MoU) to create the region’s first Institute of Islamic Economics and Ethics in the presence of and under the auspices of HE Sheikh Nahayan Mabarak Al Nahayan, Minister of Higher Education and Scientific Research and Chancellor, Higher Colleges of Technology.
ADIB Institute of Islamic Economics and Ethics will provide information and raise public awareness of the importance of doing business ethically and help organisations strengthen their ethics culture. Its activities will encourage high standards of ethical behavior in business and provide guidance to employees on it. It will deliver training for corporations and SMEs and publish research and surveys about ethical practices and business conduct.
Publishing reports to identify solutions to ethical dilemmas of business, organizing workshops and debates to facilitate best practice sharing and educating business by including business ethics in various curricula will form part of the institute’s activities.
Speaking at the MoU signing, Dr Tayeb Kamali, Vice Chancellor of the Higher Colleges of Technology, said: “HCT is pleased to work closely with ADIB to establish the Institute, which will help meet the increasing growth of, and demand for, specific Islamic banking and finance services in the UAE and the region. This new institute will give HCT students the opportunity to learn about ethics in business and also strengthen their understanding and appreciation of cultural issues and ethics, so that they are able to operate effectively in today’s business environment.”
Signing the MoU, HE Jawaan Awaidha Suhail Al Khaili, Chairman of ADIB said: “ADIB is committed to develop Islamic finance in the region and a large part of what we do is based on following best ethical practices. ADIB Institute of Islamic Economics and Ethics will launch a pioneering program designed to promote business ethics in the region. It will help organisations strengthen their ethics culture and encourage high standards of business behaviour based on ethical values. We expect the institute to strengthen ADIB’s leadership in ethical business and showcase our contribution to regional economic development.”
The ADIB Institute for Islamic Economics and Ethics will be an independent, self sustaining organization that will generate revenues from subscriptions to its workshops/ seminars, reports on code of ethics for corporations, consulting services, developing university curriculum and annual memberships.
By signing the MoU, ADIB joins the HCT Foundation which works to support students with many initiatives and to
provide society with a cadre of qualified and well-trained national graduates.
The HCT Foundation is part of HCT’s efforts to enhance its communications and interaction with society and organizations specialized in financial, commercial and industrial sectors. HCT is keen to develop these relationships and work to achieve cooperation and coordination with various industry sectors. It will present high-quality academic output commensurate with the nature and needs of various commercial and industry sectors.
The HCT Foundation will facilitate real partnerships between institutions of higher education and corporations. A wide range of financial, banking, economic, real estate and commercial institutions have participated in its activities and have also met their needs for qualified UAE national cadres. HCT invites all sectors of business and industry to take advantage of this valuable opportunity offered by the Donors Fund to invest in the promising future of the UAE, especially in workforce development.
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