THE Islamic Financial Services Board (IFSB) and Arab Monetary Fund (AMF) have sealed the continuation of collaboration between the two institutions with a new Memorandum of Understanding (MoU) for the period of three years.
IFSB said the MoU was signed on April 23 to continue the cooperation and collaboration in promoting programmes and initiatives for the Islamic financial services industry, specifically in the Arab region.
The continuation of collaboration signifies the commitment of both institutions in increasing awareness and promotion of the sound practices of Islamic finance based on its tremendous potential for the advancement of financial services industry, it said in a statement.
Under this agreement, key areas of cooperation between the IFSB and AMF include, among others, providing expertise for joint technical assistance missions to member countries to facilitate the development of Islamic finance and strengthening the capacity of regulatory and supervisory institutions to better supervise institutions offering Islamic financial services.
It will also enhance outreach to member countries for awareness building through joint organisation and hosting of international conferences and seminars in areas of mutual interest; and conducting joint research and undertaking coordinated policy dialogues to support guidance on the stability, resilience and macroprudential supervision of Islamic finance sector and enhancing financial inclusion in member countries.
The first MoU, which covered the period of 2016-2019, initialised the collaboration between the IFSB and AMF in synergising the development of Islamic finance in common member countries.
This MoU is in line with the IFSB’s mandate to promote the stability and resilience of the Islamic financial services industry. For more information, log onto https://www.ifsb.org. – April 25, 2020, Bernama
