European Islamic Investment Bank (EIIB) has signed a strategic co-operation agreement with Bank Islam Malaysia Berhad (Bank Islam).

EIIB is the first independent, Sharia'a compliant, Islamic investment bank to be authorised and regulated by the Financial Services Authority.

Under the terms of the agreement, EIIB and Bank Islam will work with each other on a non-exclusive basis in areas including treasury, capital markets, asset management and corporate finance, said an official spokesman.

They will co-operate on the development and distribution of Islamic financial products and promote the increasing international awareness of Islamic finance.

The agreement with Bank Islam means EIIB will be a preferred supplier of Islamic investment banking products and services.

'We are delighted to be in partnership with an organisation of such high calibre and market reputation as Bank Islam. Malaysia is undoubtedly one of the leading Islamic financial centres in the world today and Bank Islam's favoured position within this region is well-known,' said managing director, EIIB, John Weguelin.Trade Arabia News Service