The Arab Monetary Fund and International Islamic Liquidity Management Corporation
(IILM) have agreed to cooperate with an MoU that will allow the two parties to launch joint activities and
programmes that help support economic development, opportunities, as well as to promote
financial inclusion in the Arab region.
The two institutions will work together to provide technical support services and to build capabilities to develop the
Islamic finance industry. The Arab Monetary
Fund will contribute its expertise on the region, while the IILM will facilitate liquidity management for
institutions that offer Islamic financial services.
Professor Datuk Rifaat Ahmed Abdel Karim, Chief Executive Officer of the
IILM said, “This collaboration is in line with the objectives of the IILM to facilitate liquidity management
for Islamic financial services in the Arab region thereby enhancing their resilience and ability to meet future
economic challenges.
The development
of a systemic shari’ah-compliant liquidity
management infrastructure, accepted across multi
-
jurisdictions in which Islamic financial services operate, is
instrumental towards ensuring sustainable financial stability.”
HE Dr Abdulrahman Al Hamidy, Director General Chairman of the Board, Arab Monetary Fund, said that
that the signing of this
memorandum is within the framework of the Fund's interest to develop its activities and
programmes in the field of Islamic finance and financial inclusion. Furthermore the MoU
attempts to consolidate relations with institutions and related bodies especially with the IILM
and its role in supporting the opportunities of the development of Islamic industry.
The Arab Monetary Fund works to strengthen the foundations
of
monetary integration of the Arab economies, and provides financial and
technical support for
economic and financial reforms undertaken by the Arab countries to
support the development
and improvement of growth opportunities. On the other
hand, the IILM aims to assist in the development of the Islamic
finance industry
by facilitating liquidity management for institutions that offer Islamic
financial services.