Islamic finance authorities in Malaysia and Bahrain have signed a memorandum of agreement aimed at strengthening cooperation between the two countries' respective Islamic finance industries.
Signed 31 March in Kuala Lumpur, the Islamic Financial Services Board of Malaysia and the Bahrain Institute for Banking and Finance agreed to facilitate international cooperation and develop joint research projects for the enhancement of the Islamic financial services industry. ISFB is an international organisation that regulates and works toward the promotion of Islamic finace globally.
"BIBF partners with international institutions that enable us to market opportunities that highlight Bahrain as a hub of Islamic finance. IFSB's mandate adds weight to the educational development we see as key in the support of the sector," said Gary Muriwai, BIBF director.
According to a recent report by the UK Islamic Finance Secretariat, the subsidiary of lobby group TheCITYUK, Islamic financial assets worlwide had reached $1.3 trillion in 2011, with a touted increase of 150 per cent over five years as the industry expands beyond the Middle East and Malaysia core markets.