The Bahrain Institute for Banking and Finance (BIBF) has signed a key memorandum of understanding (MoU) aimed at international co-operation with the Islamic Financial Services Board (IFSB).

It was signed in the presence of BIBF director Garry Muriwai, deputy director Hussain Ismail, head of Centre for Islamic Finance Dr Mohammad Omar Farooq, IFSB secretary-general Jaseem Ahmed, assistant secretary-general Abdullah Haron and Abdelilah Belatik.

The MoU also includes the development of joint research and publication for the Islamic financial services industry, and building awareness of conferences, seminars, workshops, roundtables, trainings or other events relating to the Islamic financial services industry.

"BIBF and the Centre for Islamic Finance have ensured they stay ahead of the curve in regard to leading Islamic finance sector development," Muriwai said.

"Signing this MoU with IFSB is another component in supporting this leadership strategy. BIBF partners with international institutions that will enable us to create market opportunities that not only showcase BIBF but also Bahrain as a hub of Islamic finance.

"IFSB's mandate of standard-setting through issuance of global prudential standards and guiding principles for the industry, include banking, capital markets and takaful sectors, can only add weight to the educational development we see as key to supporting the Islamic finance services sector," he added.

"The signing of this MoU with BIBF is a positive step in the right direction for the IFSB," Ahmed said.

"It is in line with our commitment to create greater awareness and facilitate implementation of the IFSB standards in the IFSB member countries. This MoU with BIBF aims to enhance the IFSB's effort to reach out to the financial community in Bahrain as well as the region.

"We will be having more collaborative efforts with other institutions in the coming months. The end goal of these strategic alliances is to achieve a sound and stable Islamic financial services industry," Ahmed added. "This is a goal that we share with all our member organisations.

"It is appropriate that an MoU is signed for this purpose in Bahrain which, under the membership of the Central Bank of Bahrain (CBB), is a founding and council member of the IFSB. CBB Governor Rasheed Al Maraj is chairman of the IFSB Council for 2012," he concluded. – TradeArabia News Service