The Islamic Financial Services Board (IFSB) has signed a memorandum of understanding (MoU) with the Arab Monetary Fund (AMF) for three years to create a non-exclusive framework for collaboration.
The agreement was signed in Kuala Lumpur, Malaysia, by Jaseem Ahmed, secretary-general of the IFSB, and Dr. Abdulrahman A. Al Hamidy, director general chairman of the board of the Arab Monetary Fund.
"Providing assistance to the development of the Islamic finance industry and supporting capacity development in the region has always been among our top priorities, and we look forward to pursuing and intensifying this effort to better tackle the needs of the Arab region to building up innovative, robust and competitive financial systems at both domestic and regional levels,” Al Hamidy said. “Our ongoing cooperation with the IFSB has always been successful and we are glad that today it's being reinforced and strengthened."
For his part, Jaseem noted how the MoU will provide a platform for building relationships within the Arab-speaking world. He claimed that both organizations will benefit from each other’s expertise.
“Other than conducting joint workshops and training programs to create awareness on Islamic finance and support the implementation of IFSB standards, I also look forward to joint research with the AMF on stability and macroprudential supervision of the Islamic finance sector, as well as issues related to financial inclusion in member countries,” Ahmed said.
The MoU relates to promoting increased access to Islamic financial services, sharing best financial practices within the Arab region and increasing awareness of risk management framework for Islamic financial institutions.