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.
