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Al Huda CIBE & INAYAH sign agreement to promote Islamic banking and finance globally

February 6, 2014

An agreement to promote Islamic Banking & Finance was signed between Al Huda Centre of Islamic Banking and Economics (CIBE) and INAYAH Islamic Finance Research Institute (IIFRI) in a ceremony, which was held in the Capital of Jordan , Amman . The Agreement was mutually signed by Dr. Nidal Alsayyed , President and CEO of IIFRI and Muhammad Zubair Mughal , Chief Executive Officer - Al Huda CIBE. According to the agreement, both institutions will jointly work together for the promotion of state of the art applied research and training in multi Islamic Finance areas, particularly in Sukuk and Islamic microfinance through research, publications, Training, Consulting, Public awareness, and capacity building services in the Middle East and North Africa (MENA) region. Dr. Nidal Alsayyed , President and CEO - INAYAH said that there is an immense need of synergy required to enhance Islamic finance awareness and capacity building at present. He also added that such joint initiative taken by AlHuda CIBE and IIFRI is a promising one, which will prop up Islamic finance in the region. He said that INAYAH, collaborating with AlHuda CIBE, shall collectively enhance the awareness and capacity building in Islamic banking and finance through master level programs in many other countries including Pakistan . Muhammad Zubair Mughal , CEO - Al Huda CIBE, highlighted the importance of the agreement, admired such a joint initiative in Islamic Finance taken by Al Huda CIBE and IIFRI and said that it is actually a unique proposition between two dedicated research institutions of Islamic Finance where both of the institutions, connecting their regional and professional expertise, shall work together for joint research on Islamic finance related topics, publications, reports, capacity building, and other related important aspects. He added that agreements, MOUs, and mergers between Islamic Banking and Financial Institutions is the routine practice, but this agreement for joint research in Islamic finance has a unique proposition, which will have a positive impact in the Islamic finance industry. He also said that there is an immediate need for research in different aspects of Islamic finance, particularly Islamic microfinance and Sukuk. Mughal emphasised that while Al Huda CIBE has substantially worked on different assignments of Islamic microfinance, INAYAH has special expertise in Sukuk structuring and training, therefore both of the institutions will strategically pool their resources, expertise, and skill to grow the Islamic microfinance and Sukuk based platforms on a regional level.

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Source: CPI Financial

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