On Thursday, April 23,2020, in Abu Dhabi-United Arab Emirates, The Arab Monetary Fund (AMF) and Islamic Financial Services Board renewed their Memorandum of Understanding (MoU). The new MoU aims at further enhancing the existing cooperation between the two institutions, establishing comprehensive framework for cooperation in providing technical assistance and capacity building in the Arab region, promoting awareness of issues that are relevant or have an impact on the regulation and supervision of the Islamic financial services industry, in addition to other areas of common interest between the two institutions.
The MoU was signed by H. E. Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, and Dr. Bello Lawal Danbatta Secretary-General of the Islamic Financial Services Board.
By signing the MoU, it is hoped to enhance the collaboration in various fields of mutual interest such as training, capacity building, and promoting the development of a prudent and transparent Islamic financial services industry in the Arab region through introducing new or adopting existing international standards consistent with Shari'ah principles to provide support and guidance on the economic and financial stability, and financial inclusion in Member Countries
About the AMF: The Arab Monetary Fund is a regional Arab financial institution, founded in 1976, and has started operations in 1977. The AMF’s mission is to lay the monetary foundation of Arab economic integration and to accelerate the process of economic development of its member countries, through providing training and capacity building in topics of interest, as well as financial and technical assistance to member countries to correct balance of payments disequilibria and implement structural reforms towards the modernization of their financial systems, and offering technical assistance, capacity building and training to banking and monetary institutions in Arab countries with the objective of developing and strengthening their financial markets.
About the IFSB: which is based in Kuala Lumpur, was officially inaugurated on 3rd November 2002 and started operations on 10th March 2003. It serves as an international standard-setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Sharî'ah principles, and recommend them for adoption.
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