IRTI, Dar Al-Sharia to develop Islamic finance solutions

IRTI DG Dr. Humayon Dar, right, and Dar Al-Sharia CEO Mian Muhammad Nazir, shortly after signing the MoU in Jeddah.
Updated 10 September 2018
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IRTI, Dar Al-Sharia to develop Islamic finance solutions

A memorandum of understanding (MoU) has been signed between the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group and Dar Al-Sharia for strategic collaboration in various aspects of Islamic finance advisory.

The MoU was signed by IRTI Director General Dr. Humayon Dar and CEO of Dar Al-Sharia Mian Muhammad Nazir, during a ceremony at the IsDB headquarters in Jeddah.

The MoU will facilitate collaboration between the two institutions to promote and develop cutting-edge Islamic financial solutions including structuring and developing new products, undertaking research and capacity building, as well as developing Shariah governance for Islamic financial institutions and other relevant stakeholders.

In addition, IRTI and Dar Al-Sharia will also jointly provide Islamic finance advisory services to Islamic financial institutions, multilateral financial institutions, sovereigns and quasi-sovereigns, corporate entities, development funds, regulators, Fintech companies, educational institutions and other clients offering Shariah-compliant products and services.

Dr. Dar said: “IRTI is happy to have this strategic collaboration with Dar Al-Sharia. Given IRTI’s pioneering role in the Islamic finance industry, we will bring to the table our deep and world-renowned experience and expertise to work with Dar Al-Sharia to develop innovative Islamic finance solutions.”

Nazir said: “The strategic collaboration with IRTI is a landmark initiative toward the development of a sustainable platform for innovation to support the rapidly growing Islamic finance industry.”


NESR, Dhahran Techno Valley to open research center

Updated 18 September 2018
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NESR, Dhahran Techno Valley to open research center

National Energy Services Reunited Corp. (NESR), a provider of integrated energy services in the Middle East and North Africa region, through its subsidiary, National Oil Technology Company, has signed an agreement with Dhahran Techno Valley Company (DTVC), a wholly owned subsidiary of King Fahd University of Petroleum and Minerals (KFUPM). The agreement calls for the creation of a global center for the development of scientific research in DTVC.
The agreement was signed by Prof. Dr. Sahel N. Abduljauwad, acting rector of KFUPM, and chairman of the board of directors of Dhahran Techno Valley Company, and Sherif Foda, CEO and chairman of NESR, in the presence of senior management of Saudi Aramco led by Dr. Mohammed Y. Al-Qahtani, senior vice president for Upstream, Saudi Aramco and chairman of the DTVC Advisory Committee. The signing ceremony was held at the KFUPM’s headquarters in Dhahran.
Prof. Dr. Abduljauwad said: “We are very proud to have NESR join Dhahran Techno Valley and I am very pleased to see this level of investment from NESR to promote scientific research and local content in the energy sector in Saudi Arabia. I am confident that NESR will add significant value to Dhahran Techno Valley and the Saudi oil and gas industry with this investment and commitment.”
He added: “Dhahran Techno Valley brings together the largest number of national and international energy companies in one place and is now the largest of its kind in the world. Techno Valley provides the necessary infrastructure, services, and the appropriate climate to incubate the development of new technologies as part of the implementation of the Saudi Vision 2030.”
Dr. Qahtani said: “We are very pleased to see NESR as the first company from this region investing at such a scale. I also believe that NESR’s approach to create an open platform for innovative technology companies to come to the Kingdom is a unique approach and will be beneficial to the Saudi oil and gas industry. I look forward to seeing the results of their efforts and wish them the best for the future.”
Sherif Foda said: “We are very excited to partner with Techno Valley and KFUPM. We strongly believe that with this investment, we are taking an important step to develop fit-for-purpose techniques and technologies for Saudi Arabia as well as the whole region.”