The IFSB and AMF Renew MoU to Support the Development of the Islamic Finance among Member Countries

25 April 2020, Kuala Lumpur – The Islamic Financial Services Board (IFSB) and the Arab Monetary Fund (AMF) sealed the continuation of collaboration between the two institutions with a new Memorandum of Understanding (MoU) for the period of three years. 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.

The IFSB, represented by Dr. Bello Lawal Danbatta, Secretary-General and the Arab Monetary Fund, represented by H.E. Dr. Abdulrahman A. Al Hamidy, Director General/Chairman of the Board signed the MoU on 23 April 2020 to continue the cooperation and collaboration in promoting programmes and initiatives for the Islamic financial services industry, specifically in the Arab region. 

Under this agreement, key areas of cooperation between the IFSB and the AMF include, among others:

1. Providing expertise for joint technical assistance missions to member countries to facilitate the development of Islamic finance and strengthen the capacity of regulatory and supervisory institutions to better supervise institutions offering Islamic financial services;
2. Enhancing outreach to member countries for awareness building through joint organisation and hosting of international conferences and seminars on areas of mutual interest; and
3. Conducting joint research and undertaking coordinated policy dialogues to support guidance on the stability, resilience and macroprudential supervision of Islamic finance sector and enhance financial inclusion in member countries.

The first MoU which covered the period of 2016-2019, had successfully initialised the collaboration between the IFSB and the 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 please log onto https://www.ifsb.org