IFSB, AMF deal to boost Islamic finance in Arab region

KUALA LUMPUR / WAM

The Islamic Financial Services Board (IFSB) and the Arab Monetary Fund (AMF) signed on Monday in Kuala Lumpur, Malaysia, a Memorandum of Understanding (MoU) for an initial period of three years, to establish and implement a non-exclusive framework for the cooperation and collaboration to promote programmes and initiatives that foster the development of the Islamic finance sector in the Arab region.
Jaseem Ahmed, Secretary-General of the IFSB, and Dr Abdulrahman A Al Hamidy, Director General and Chairman of the Board of the AMF, inked the agreement in the presence of the IFSB Assistant Secretary-General, Zahid ur Rehman Khokher. Dr Al Hamidy stressed the importance of the MoU in increasing capacity-building, promoting knowledge-sharing and supporting greater sustainable access to finance across AMF members’ countries, “providing assistance to the development of the Islamic finance industry and supporting capacity development in the region has always been among our top priorities.”