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CIBAFI and the World Bank sign Memorandum of Understanding to foster cooperation on Islamic finance

The MoU serves as the foundation for future cooperation in the areas of knowledge generation and dissemination; distilling and sharing lessons of experience; encouraging research and promoting awareness; and enhancing capacity in the Islamic financial services industry.

Abayomi Alawode, Head of Islamic Finance, Finance & Markets Global Practices, World Bank said: "This signing underscores the World Bank's commitment to the development of the Islamic financial services industry. As the industry expands, it will inevitably impact the way global finance evolves to support real sector economic activity and contribute to addressing the challenges of ending extreme poverty and boosting shared prosperity. We look forward to working closely with CIBAFI to strengthen the institutional foundations of Islamic finance, enhance regulatory and supervisory frameworks, and share sound practices and lessons of experience in the industry, including sound practices relating to business practices, risk management and market development"

/p>Abdelilah Belatik, Secretary General of CIBAFI, said: "CIBAFI is pleased to sign this MoU with the World Bank. This partnership will strengthen CIBAFI's role as the 'voice' of the industry and advocate for the Islamic financial services industry with other international organizations, international standard-setting organizations and regulatory and supervisory authorities as well as support its strategic objectives - Research and Publications as well as Awareness and Information Sharing."

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