IFSB – BIBF Renew Their MoU to Enhance Stability of the Islamic Financial Services Industry

Tuesday, December 8, 2020

Kuala Lumpur / Manama: The Islamic Financial Services Board (IFSB) and the Bahrain Institute of Banking and Finance (BIBF) are renewing their Memorandum of Understanding (MoU) to strengthen the efforts of two institutions in promoting an exchange of information, research and development, training as well as education for the Islamic financial services industry (IFSI). The IFSB Secretary-General, Dr. Bello Lawal Danbatta and BIBF Director, Dr. Ahmed Al Shaikh, signed the MoU.

Dr. Bello Lawal Danbatta, in his statement mentioned, “The IFSB is pleased to renew its collaboration for the third time with BIBF, in line with the key result areas of IFSB’s Strategic Performance Plan 2019-2021 on enhanced global visibility and collaboration with stakeholders and international counterparts.” He also added, “The IFSB acknowledges the importance of setting up a network of mutual co-operation, collaboration and support to strengthen the efforts between the two institutions by undertaking research, development, training and education in IFSI.

On his part, the BIBF Director, Dr. Ahmed Al Shaikh stated, “We are 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 IFSB and BIBF signed a Memorandum of Understanding (MoU) on 22 March 2012 and its second on 22 October 2017. The collaborations between these two institutions have provided relevant activities relating to the training and education of Islamic finance; building of awareness among the industry players through joint conferences, seminars and other events as well as developing capacity and skill buildings among Islamic finance practitioners.