Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan, OJK) have signed a memorandum of understanding (MoU) with the Islamic Development Bank (IDB) to promote cooperation between the two institutions. The MoU was signed between OJK Chairman Dr Muliaman Hadad and IDB Group Chairman, Dr Ahmad Mohamed Ali.
The MoU aims at enhancing existing cooperation between OJK and IDB in the areas of research, training and advisory services, Islamic financial services, and exchange of expertise and knowledge with other Indonesian entities and private sector institutions, as well as establishing a special center of excellence for microfinance under OJK in Jakarta.
Dr Muliaman said the development further consolidates the long standing partnership between OJK and IDB while Dr Ahmad noted that there have been over four decades of extensive cooperation between IDB and the Republic of Indonesia as a founding member. The IDB Group Chairman added that cooperation with OJK will pave the ground towards materialising IDB’s top priority development programmes in Indonesia.