The IFSB and SESRIC Strengthen Cooperation in Renewed Memorandum of Understanding

The Secretary-General of the Islamic Financial Services Board (IFSB) Dr. Bello Lawal Danbatta and the Director General of Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) H.E. Ambassador Musa Kulaklıkaya signed a MoU on 22 November 2018

Istanbul, 23 November 2018 – The Secretary-General of the Islamic Financial Services Board (IFSB) Dr. Bello Lawal Danbatta and the Director General of Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) H.E. Ambassador Musa Kulaklıkaya, signed yesterday a new Memorandum of Understanding (MoU) between the IFSB and SESRIC to reinforce the collaboration in the field of Islamic finance statistics. The first MoU between the IFSB and SESRIC was signed in 2012 in Istanbul, Turkey.

This collaboration will increase knowledge of practitioners, statisticians as well as researchers in the Islamic banking and finance, Islamic capital markets, takāful and other socio-economic sectors and strengthen the capacities of the relevant constituents of national statistical systems in their common member countries. Under this agreement, key areas of cooperation between the IFSB and SESRIC include, among others:

• Reviewing roles of each party on Islamic finance data compilation through identifying current projects and initiatives to avoid duplication of efforts while ensuring complementary role of each other;
• Addressing the gaps in Islamic finance related data and achievement of consistency in national statistical systems to facilitate the production of comparable data;
• Pursuit of a continuous dialogue and establishment of appropriate synergy between the two Parties; and
• Providing each other the platform to reaching out member organisations to extend coverage of respective databases.

The IFSB – SESRIC MoU signing ceremony took place during the International Symposium on Financing for Development on 22-23 November 2018, in Istanbul, Republic of Turkey, jointly organised by SESRIC and Islamic Development Bank (IsDB).