The IFSB and BIBF Reaffirm Collaboration with MOU

The Islamic Financial Services Board (IFSB) and the Bahrain Institute for Banking and Finance (BIBF) have signed a Memorandum of Understanding in the presence of IFSB Acting Secretary-General, Mr Zahid ur Rehman Khokher and BIBF Director, Dr. Ahmed Al Shaikh. The IFSB Assistant Secretary-General, Dr. Nagwa Sheikh Eldin and Head of BIBF Islamic Finance Center Mr. Mujtaba Khalid were also present at the signing ceremony.

The ceremony took place during the IFSB’s Members and Industry Engagement Session, in conjunction with the IFSB Summit 2017 which is held on 22 – 24 October 2017 in Abu Dhabi, United Arab Emirates (UAE). The Summit is held under the auspicious hosting of the Central Bank of UAE.

Mr. Zahid ur Rehman Khokher, the Acting IFSB Secretary-General mentioned, “The IFSB is pleased with this continuous cooperation with the BIBF, as this is the second MOU between our two organisations. We are both aware of the importance of setting up a network of mutual co-operation, collaboration and support to strengthen the efforts of two institutions in promoting an exchange of information, undertaking research, development, training and education in Islamic financial services industry.” He added, “In line with the IFSB’s Strategic Performance Plan 2016-2018 under the Strategic Key Results Areas on Facilitating the Implementation of Prudential Standards and Capacity Development, and Cooperation with Industry Stakeholders, the IFSB is committed to reach out to the financial community in its member jurisdictions by creating awareness and facilitating the implementation of the IFSB standards which include conferences, seminars, workshops, roundtables, trainings or any other events organised by the IFSB relating to Islamic financial services industry in either Bahrain, or anywhere in the world.”

The BIBF’s Director, Dr. Ahmed Al Shaikh stated: “We are very honoured to reaffirm this partnership that has proven its importance and benefits onto both organisations. I believe this is a positive step forward towards delivering high quality training and development programmes to further increase awareness and facilitate the implementation of the IFSB standards. The Islamic Finance industry has seen a double digit growth over the past decade and as the industry grows, so does the demand for professionals in this field as Islamic Finance has been wildly sought after as a business and a career path.”

The first MOU between IFSB and BIBF was signed for a three-year period.