The Bahrain Institute of Banking and Finance (BIBF) signed an agreement with the Islamic International Rating Agency (IIRA) to further strengthen and enhance collaborative efforts to progress the global Islamic finance industry, especially in terms of capacity building and human resource development.
The agreement facilitates cooperation on various aspects of training in the Islamic Finance field, whereby such an initiative will allow for a wider cooperation on Islamic Finance professional certification.
The BIBF’s Director, Dr. Ahmed Abdulhameed Al Shaikh stated, “We are honoured to establish this cooperation agreement which leads to further capacity building of Islamic finance professionals around the world. I believe this is a step forward towards enabling individuals and employees to further advance in acquiring knowledge and training related to the industry and their professions, and to have our Kingdom a forerunner in implementing Islamic Finance 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 qualified professionals in this field.”
On this occasion IIRA Chief Executive Officer, Ms. Sabeen Saleem, noted the relevance of this affiliation in furthering awareness of ratings, an improved understanding of the various dimension of Risks in Business and Finance, and contributing to the region-wide effort of ongoing human development in the area of Islamic Finance.
IIRA was setup as part of IDB’s vision for developing the infrastructure for enabling Islamic finance globally. Specifically, IIRA’s primary mandate is to contribute to the development of capital markets through its ratings. IIRA has mandates in over 15 Islamic countries including key markets like Bahrain, Turkey, Malaysia, Saudi Arabia, United Arab Emirates, Oman, Egypt, Algeria, Pakistan, Sudan, Jordan, South Africa and Lebanon.
IIRA’s ratings on the national scale, in addition to international scale, provide impetus to local capital market growth, which reflects its mission of serving OIC countries most effectively. Moreover, its rating services are tailored to Islamic Financial Institutions with its Fiduciary Rating concept setting its approach apart and providing relevant information to a wide range of stakeholders.