The realm of Islamic finance, once confined to Middle Eastern and Muslim-majority nations, has now extended its reach across Europe and the Americas. Its inherent principles of sustainability and as a premier alternative financial solution have garnered attention among professionals, practitioners and researchers worldwide.
Recognizing the growing significance of Islamic finance on the global stage, AlHuda CIBE FZ LLE, based in Dubai, UAE, and The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain have inked a Memorandum of Understanding (MOU). The agreement was formally endorsed during the esteemed “18th AAOIFI-IsDB Annual Islamic Banking and Finance Conference” held on November 30, 2023, in the Kingdom of Bahrain. This strategic collaboration aims to consolidate efforts in advancing global Islamic finance practices by imparting capacity for the professional, students and practitioners. By leveraging the collective expertise of both organizations, this partnership seeks to strengthen the integrity, accessibility, and development of Islamic finance across international markets.
This landmark alliance represents a pivotal step towards development of human capital, fostering innovation, and promoting wider adoption of Islamic financial solutions globally. It marks a new era of collaboration aimed at strengthening the foundations of the Islamic financial landscape and its resonance in diverse economic spheres.
AlHuda CIBE, as per the MoU, will arrange public hearings, collaborations, recommendations along-with the support to develop, update or revise the standards where-ever it is required. AlHuda CIBE will also host meetings of AAOIFI technical boards and other sub-committees.
Meanwhile, both organizations will arrange joint research and development (R&D) initiative for research and industry reports along-with research surveys for intellectual contribution to the AAOIFI conferences and journal and technical bulletin.
M. Zubair Mughal said that Islamic finance is not only the interest of Muslim population rather non-Muslims are also taking keen interest to learn and implement it. There are various non-Muslim countries where Islamic banking and finance is providing their customers state-of-the-art services above all religious differences.
He added that according to this MoU, both organizations will work together to strengthen the abilities of Islamic banking and finance including education services. .—Zawya News
