The Dubai International Financial Centre (DIFC) said ina statement on its website that it is collaborating with the Dubai Islamic Economy Development Centre (DIFC). DIEDC signed a memorandum of understanding to jointly create a Fintech platform.

According to the DIFC, Dubai is a hub for Fintech and Islamic finance. The DIFC and the DIEDC are working together to create a Fintech platform that aims to bring Fintech companies together with the Islamic finance sector. As part of the agreement, participants in the Islamic fintech sector will be guided by institutions including the Islamic Bank of the United Arab Emirates and Dubai Islamic Bank. In addition, the platform will hold events to promote the Islamic fintech industry.

DIFC launched the Fintech Hive platform earlier this year, which brings together financial and technology companies in the innovation supply chain, according to www.fxshell.com. In addition, The 12-Week Accelerator program allows tech startups to partner with executives from well-known financial institutions to test and develop FinTech related business ideas and solutions.

Arif Amiri, CEO of the DIFC Authority, said: "With the global Muslim population expected to grow by 73% between 2010 and 2050, there is no doubt that the demand for Islamic financial services will increase, and the DIFC's Fintech Hive is dedicated to revolutionizing financial technologies across all industries. This MOU is a very important step on the path of Fintech, Islamic Economy and Fintech Hive."

Abdulla Mohammed Al Awar, CEO of DIEDC, said: "According to the 2016 Global Islamic Economy Report, Islamic financial assets are expected to reach $3.5 trillion by 2021. However, in a mature Islamic economy, there are still several market niches to be tapped, including mobile banking, payment systems and SME financing. We are confident that The DIFC Fintech Hive will develop these high-potential areas and is committed to supporting The 12-Week Accelerator program to ensure its success."