Islamic finance, once confined to Middle Eastern and Muslim-majority nations, has now extended its reach across Europe and the Americas. Its inherent principles of sustainability and as a premier alternative financial solution have garnered attention among professionals, practitioners and researchers worldwide.
Recognising the growing significance of Islamic finance on the global stage, AlHuda CIBE FZ LLE, based in Dubai, UAE, and The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain have inked a Memorandum of Understanding (MOU).
This strategic collaboration aims to consolidate efforts in advancing global Islamic finance practices by imparting capacity for the professional, students and practitioners. By leveraging the collective expertise of both organizations, this partnership seeks to strengthen the integrity, accessibility, and development of Islamic finance across international markets.
This landmark alliance represents a pivotal step towards development of human capital, fostering innovation, and promoting wider adoption of Islamic financial solutions globally. It marks a new era of collaboration aimed at strengthening the foundations of the Islamic financial landscape and its resonance in diverse economic spheres.
AlHuda CIBE, as per the MoU, will arrange public hearings, collaborations, recommendations along-with the support to develop, update or revise the standards where-ever it is required. AlHuda CIBE will also host meetings of AAOIFI technical boards and other sub-committees. Meanwhile, both organisations will arrange joint research and development (R&D) initiative for research and industry reports along-with research surveys for intellectual contribution to the AAOIFI conferences and journal and technical bulletin.
M. Zubair Mughal said that Islamic finance is not only the interest of Muslim population rather non-Muslims are also taking keen interest to learn and implement it. There are various non-Muslim countries where Islamic banking and finance is providing their customers state-of-the-art services above all religious differences. He added that according to this MoU, both organisations will work together to strengthen the abilities of Islamic banking and finance including education services.
He said that AlHuda CIBE is keeping an eye on Islamic banking and finance. AlHuda CIBE and The Accounting and Auditing Organization for Islamic Financial Institutions will mutually conduct training workshops on Islamic banking and finance and promote online courses to cultivate the confined talent for the industry.
M. Zubair Mughal elaborated on the pivotal role AlHuda CIBE and AAOIFI aim to play in nurturing talent within the Islamic finance sector. Both organisations are set to conduct joint training workshops in the upcoming year and promote online courses, nurturing and harnessing talent to serve the industry. This collaborative effort aligns with their shared vision to strengthen human capital and expand AAOIFI’s capacity-building programs across AlHuda’s rich global networks.
Further expressing, M. Zubair Mughal emphasised the collective expertise and resources harnessed by this alliance, dignified to elevate Islamic banking and finance to new heights. He highlighted the pivotal role of Islamic finance in fostering financial inclusion, thereby catalysing economic growth and elevating living standards worldwide.