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.”