The BIBF Islamic Finance Centre signed an MOU with Brussels-based Mena Chambers Academy for International Legal Studies cooperation in Islamic Finance training. Owing to the huge gap in training for legal professionals pertaining specifically to Islamic Finance, this signing is particularly significant. The BIBF in partnership with MC Academy will launch short training courses and a qualification for the capacity building of legal professionals in Bahrain and the wider region who are involved in or are interested to be part of the Islamic Finance industry.
On this occasion, the Acting Director of the BIBF Dr. Ahmed al-Shaikh, said, “The Islamic Finance industry has seen a double digit growth over the past decade and as the industry grows, so does the demand for legal professionals in this field as most of the work pertaining to Islamic Finance dealings is bound by contracts. However, a gap we saw was the lack of professional training opportunities for legal professionals in this field which this partnership aims to address.”
MC Academy for International Legal Studies is a non-profit organisation based in Brussels and Bahrain and is dedicated towards training, education, research and innovation. The Director of the Academy, Professor Adnan Bayno expressed: “MC Academy is devoted towards the dissemination of knowledge through innovation and technology. We are looking forward to our collaboration with BIBF in creating and delivering Islamic finance and arbitration trainings and courses.”
In the future, the BIBF will also look to propose an international arbitration centre specifically for Islamic Finance related disputes. The BIBF in partnership with the Judicial and Legal Studies Institute has already taken a lead in this sphere by Training Judges in Islamic Finance, banking and insurance related issues.