The IFSB and IILM Renew MoU to Emphasise on Economic Development in the Islamic Financial Services Industry
Date posted: 16 December 2020
16 December 2020, Kuala Lumpur – The Islamic Financial Services Board (IFSB), and the International Islamic Liquidity Management Corporation (IILM) have signed a Memorandum of Understanding (MoU) for the second time in enhancing their cooperation and collaboration to achieve its respective objectives and mandates. The IFSB Secretary-General, Dr. Bello Lawal Danbatta and the Chief Executive Officer of the IILM, Dr. Umar A. Oseni signed the MoU on 16 December 2020.
The scope of cooperation will focus on these areas:
- Enhancing outreach for awareness and capacity building through joint organisation and hosting of conferences, focus group discussion (FGD) and seminars, training programmes and workshops for regulatory and supervisory authorities in member countries
- Providing direct expertise and know-how to assist in delivering joint technical assistance missions by undertaking coordinated policy and market player’s dialogues to support market development and other activities in areas of mutual interest, including the sharing of Islamic Capital Market data for the IFSB Prudential and Structural Islamic Financial Indicators (PSIFIs) project and
- Promoting the exchange of information and knowledge-sharing between the two institutions through joint-publications, joint research and assessment, shared technical papers and other written contributions
Dr Bello Lawal Danbatta, in his statement mentioned, “this MoU provides an excellent opportunity for the IFSB and IILM to continue working together to organise joint activities and awareness programmes to support the development of the Islamic financial services industry (IFSI). This MoU will further strengthen the cooperation and collaboration between both institutions to achieve our respective objectives and mandates in sustaining the stability and resilience of the IFSI, particularly amid these challenging times.”
Dr. Umar A. Oseni on his part said, “the IILM is pleased to renew its MoU with the IFSB which has been a strategic partner par excellence. The MoU serves as a strategic launchpad for both institutions to better serve the IFSI, particularly the Institutions offering Islamic Financial Services (IIFS). Given the respective mandates of the IILM and IFSB, we will continue to work closely to promote the development of robust Sharī‘ah-compliant liquidity management frameworks and strengthen capacity-building initiatives in jurisdictions offering Islamic financial services. We also hope to leverage on the IFSB platform to reach out to more regulatory and supervisory authorities with a view to supplying the market with more liquidity management tools.
The IFSB facilitated the establishment of the IILM in 2010, in line with its mandate to enhance and coordinate initiatives to develop instruments and procedures for the efficient operations and risk management and to encourage cooperation amongst member countries in developing the Islamic financial services industry.
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