The Islamic Financial Services Board (IFSB) and the Union des Banques Maghrébines (UBM) have signed a memorandum of understanding (MoU) to facilitate international cooperation between the two organisations in relevant activities.

Under the agreement, the two organisations will undertake activities relating to technical and awareness promotion in the Islamic financial services industry specifically for the North African region, said a statement.
     
The IFSB secretary general Dr Bello Lawal Danbatta and UBM secretary general Mohamed Vall E Alem signed the MoU on behalf of their institutions, it said.
 
This collaboration, which aims to develop platforms for cooperation to enhance knowledge and expertise in Islamic finance and customised specifically for the IFSI in the North African region, will focus on three main areas:
•Joint organisation of executive programmes, workshops and seminars;
•Collaboration to facilitate the awareness and dissemination of IFSB Standards to the Islamic financial services industry in the North African region;
•Promotion of the IFSB Memberships in North Africa.
 
In the operationalisation of the MoU, the IFSB and UBM will be participating together in relevant awareness promotion activities related to the industry’s development and needs in the region through joint conferences, roundtables and trainings on topics of mutual interest; capacity building include translating the IFSB standards into the French language as well as promotion and dissemination of the IFSB work and research for the IFSI in the region, it added.
 
Danbatta said: “This MoU provides an excellent opportunity for both institutions to cooperate, especially in creating awareness and understanding on the IFSB Standards as well as its technical work and research.”

“Among the activities would include conducting executive programmes and workshops and translation of IFSB Standards into French for the benefits of IFI in North Africa. The cooperation will also allow our organisation to enhance its outreach to the North African region and the neighbouring countries,” he added.
 
Vall El Alem said: “This collaboration is mutually beneficial and is a timely initiative and will enable our institutions to leverage on their mutual strengths in enhancing the awareness about Islamic finance through high-quality capacity building and awareness promotion activities.”

“It is part of our organisation’s efforts to support and contribute to the dynamics of the Islamic financial sector in the Maghreb, where the legal and regulatory frameworks have been or are being updated to foster development of this alternative financial services industry,” he added. – TradeArabia News Service