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Press Release > 2017

The IFSB and BIBF Reaffirm Collaboration with MOU

Date posted: 22 October 2017

Mr. Zahid ur Rehman Khokher, Acting Secretary-General of the IFSB and Dr. Ahmad Al Shaikh, Director of BIBF, during the MOU Signing Ceremony between the IFSB and BIBF, on 22 October 2017, in Abu Dhabi.

22 October 2017, Abu Dhabi - The Islamic Financial Services Board (IFSB) and the Bahrain Institute for Banking and Finance (BIBF) have signed a Memorandum of Understanding in the presence of IFSB Acting Secretary-General, Mr Zahid ur Rehman Khokher and BIBF Director, Dr. Ahmed Al Shaikh. The IFSB Assistant Secretary-General, Dr. Nagwa Sheikh Eldin and the Head of BIBF’s Islamic Finance Center Mr. Mujtaba Khalid were also present at the signing ceremony.

The ceremony took place during the IFSB’s Members and Industry Engagement Session on 22 October 2017, in conjunction with the IFSB Summit 2017 which is being 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 mentioned, “The IFSB is pleased with this continuous cooperation with BIBF, as this is the second MOU between our two organisations. This collaboration envisages setting up a network of mutual co-operation and support to strengthen the efforts of two institutions in promoting the exchange of information, undertaking research as well as development, training and education in Islamic financial services industry.” He added, “In line with the key result areas of IFSB’s Strategic Performance Plan 2016-2018 on facilitating the implementation of prudential standards, undertaking capacity development, and cooperation with industry stakeholders, the IFSB is committed working with its partners to enhance outreach to Islamic finance community in its member jurisdictions. This MOU with the BIBF offers a joint platform to achieve these objectives and step up our efforts to enhance capacity building in key GCC and Middle Eastern markets.”

Dr. Ahmed Al Shaikh, the Director of BIBF added, “This signing signifies BIBF’s continued commitment towards human capital development of the global Islamic finance industry. Given the double-digit growth the Islamic finance industry has experienced over the past decade, the Islamic finance industry faces a unique risk of lack of qualified human resource to fill this gap. We at the BIBF strongly believe that training and development should be geared towards applied techniques rather than academic book-based learning. The BIBF’s future strategy is geared towards leveraging technology for human capital development, therefore, one of the main areas of collaborations between IFSB and BIBF will be in the e-Learning sphere. Last year the BIBF launched an e-Learning initiative with AAOIFI to bring all AAOIFI standards onto an e-Learning platform, with this MOU signing, the BIBF becomes the only institution globally working with both the Standard setting bodies on the e-Learning space.

The first MOU between IFSB and BIBF was signed for a three-year period covering 2012 – 2015.


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