The Islamic Financial Services Board (IFSB) and the Arab Monetary Fund (AMF) will continue a collaboration for another three years, reflecting the commitment of both
institutions to increasing awareness of the sound
practices of Islamic finance. This move is in line with the IFSB’s mandate to promote the stability and resilience of the Islamic financial services industry.
Under the memorandum of understanding (MoU) signed by Dr Bello Lawal Danbatta, Secretary-General of the IFSB and the HE Dr Abdulrahman A. Al Hamidy, Director General/Chairman of the Board, Arab Monetary Fund on 23 April 2020, the institutions will continue cooperation and collaboration in promoting programmes and initiatives for the Islamic financial services industry, specifically in the Arab region.
Key areas of cooperation include:
Under the memorandum of understanding (MoU) signed by Dr Bello Lawal Danbatta, Secretary-General of the IFSB and the HE Dr Abdulrahman A. Al Hamidy, Director General/Chairman of the Board, Arab Monetary Fund on 23 April 2020, the institutions will continue cooperation and collaboration in promoting programmes and initiatives for the Islamic financial services industry, specifically in the Arab region.
Key areas of cooperation include:
- 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
- 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 2016-2019, successfully synergised the development of Islamic finance in
common member countries.