The Islamic Financial Services Board (IFSB) and the Bahrain Institute of Banking and Finance (BIBF) signed a Memorandum of Understanding for a three year period where they will work in promoting an exchange of information, undertake research, development, training, and education in Islamic financial services industry.
The MoU was signed in the presence of IFSB Acting Secretary-General, Mr. Zahid ur Rehman Kokher, BIBF Director, Dr. Ahmed Al Shaikh, and Head of BIBF Islamic Finance Center Mr. Mujtaba Khalid.
The ceremony took place during the IFSB’s Members and Industry Engagement Session, in conjunction with the IFSB Summit 2017 which was 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 said: “The IFSB is pleased with this continuous cooperation with the BIBF, as this is the second MOU between our two organizations.” He also mentioned that in line with the IFSB’s Strategic Performance Plan 2016-2018 the IFSB is committed to reaching out to the financial community in its member jurisdictions by creating awareness and facilitating the implementation of the IFSB standards. This includes conferences, seminars, workshops, roundtables, training or any other events organized 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 honored to reaffirm this partnership that has proven its importance and benefits to both organizations. 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.”