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11 November 2019
BUSINESS

DIEDC, AAOIFI to collaborate on Islamic finance standards

The partnership between the two entities is expected to reinforce the role of Islamic finance as the most efficient and effective means to drive the growth and globalisation of the Islamic economy.

DIEDC, AAOIFI SIGN MOU/SUPPLIED


The Dubai Islamic Economy Development Centre (DIEDC) has signed an MoU with the Accounting and Auditing organisation for Islamic Financial Institutions (AAOIFI) to explore the latest developments, risks and challenges in Islamic finance.

DIEDC stated that under the agreement, the two parties aim to conduct joint capacity-building programmes related to AAOIFI standards in various jurisdictions, especially in markets new to Islamic banking and finance.

Abdulla Mohammed Al Awar, the CEO of DIEDC, said, “The partnership between the two entities will significantly serve the Islamic finance sector, thanks to their shared objectives of promoting sustainable growth and paving the way for the next phase of development and prosperity.”

Additionally, DIEDC and AAOIFI also seek to facilitate the exchange of information focused on areas of mutual interest and promote their activities to their members and wider networks.

“Given Shari'ah’s unified global legal and regulatory framework, Shari'ah harmonisation is the optimal method to fast-track the development of Islamic finance that can help resolve one of the critical challenges faced by the sector – inconsistency in certification and procedures,” said Al Awar.


RELATED STORIES: SHARI\'AH HARMONISATION DIEDC AAOIFI

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