MOU intended to strengthen cooperation to serve the development of the Islamic finance industry

The Arab Monetary Fund signed a Memorandum of Understanding (MoU) with the International Islamic Liquidity Management Corporation (the “IILM”) at the headquarters of the Arab Monetary Fund in Abu Dhabi. The MoU aims to establish and implement a framework for cooperation between the two institutions.

The signing of the memorandum will allow the two parties to launch joint activities and programs that help support economic development, opportunities, as well as to promote financial inclusion in the Arab region. The MoU will be implemented through joint action to develop initiatives for technical support and capacity building within the objectives and programs of each of the two institutions. The scope of cooperation includes, among other things, providing technical advice, launching training programs, and conveying conferences and seminars in areas of common interest of the two institutions according to the needs of the Arab countries.

The collaboration between the two institutions in the Arab region would allow maximizing the benefits of the expertise and comparative advantages of each of the two institutions in order to support the needs and purposes of development in the region. The two institutions will cooperate to provide technical support services and to build capabilities to develop the Islamic finance industry in order to enhance the utilization of the opportunities offered by this industry in providing funds for economic activities and facilitate access to financial services. This would be possible by taking advantage of the rich expertise of both the Arab Monetary Fund in the region, as well as that of the IILM in facilitating liquidity management for institutions that offer Islamic financial services (IIFS).