The IFSB and BIBF signs training and research collaboration MOU
Kuala Lumpur, 28 March 2012 – The Islamic Financial Services Board (IFSB) and the Bahrain Institute for Banking and Finance (BIBF) has yesterday, signed a Memorandum of Understanding in the presence of IFSB Secretary-General, Mr Jaseem Ahmed and BIBF Director, Mr Gary Muriwai. BIBF Deputy Director, Mr Hussain Ismail, and Head of Centre for Islamic Finance, Dr. Mohammad Omar Farooq as well as the IFSB Assistant Secretaries-General, Mr Abdullah Haron and Mr Abdelilah Belatik were also present at the signing ceremony.
The fundamental purpose of the MOU is to facilitate international cooperation between the two organisations in providing relevant activities relating the training and education of Islamic finance; the development of joint research and publications for the Islamic financial services industry; and the building of awareness among the industry players through joint conferences, seminars, workshops, roundtables, trainings or any other events relating to the Islamic financial services industry.
“The signing of this MOU with BIBF is a positive step in the right direction for the IFSB” said Jaseem Ahmed, IFSB Secretary-General. It is in line with our commitment to create greater awareness and facilitate the implementation of the IFSB Standards in the IFSB member countries. This MOU with BIBF aims to enhance the IFSB’s efforts in reaching out to the financial community in Bahrain, as well as the Gulf region. We shall be having more collaborative efforts with other institutions in the coming months. The end goal of these strategic alliances is to achieve a sound and stable Islamic financial services industry. He added that, “This is a goal that we share with all our member organisations, and it is appropriate that an MOU is signed for this purpose in the Kingdom of Bahrain, which, under the membership of the Central Bank of Bahrain, is a Founding and Council Member of the IFSB.” H.E. Rasheed Al Maraj is currently the Chairman of the IFSB Council for 2012.
Gary Muriwai, BIBF Director said: “BIBF and the Centre for Islamic Finance have ensured they stay ahead of the curve in regards to leading Islamic Finance sector development. Signing this MOU with the IFSB is another component in supporting this leadership strategy. BIBF partners with international institutions that will enable us to create market opportunities that not only showcase BIBF but Bahrain as a hub of Islamic Finance. The IFSB’s mandate of standard-setting through the issuance of global prudential standards and guiding principles for the industry, include banking, capital markets and Takāful sectors can only add weight to the educational development we see as key in the support of the Islamic financial services industry sector.”
Photo attachment:
L – R : Abdullah Haron (IFSB Assistant Secretary-General), Abdelilah Belatik (IFSB Assistant Secretary-General), Jaseem Ahmed (IFSB Secretary-General), Gary Muriwai (BIBF Director), Hussain Ismail (BIBF Deputy Director), Dr. Mohammad Omar Farooq (Head of Centre Islamic Finance and Head of Research)
