The General Council for Islamic Banks and Financial Institutions (CIBAFI) and the Emirates Securities and Commodities Authority (SCA) announced the signing of a Memorandum of Understanding (MOU) that serves as the foundation for future cooperation towards the enhancement of knowledge sharing and professional development in the Islamic Financial Services Industry (IFSI).

The signing ceremony was held at the Jumeirah Emirates Tower in Dubai, United Arab Emirates on 18th November and attended by the CEO of SCA, H.E. Abdullah Salem Al-Turifi and CIBAFI Board of Director’s (BOD) Chairman H.E. Sheikh Saleh A. Kamel and CIBAFI Board members.

The MoU, which outlines cooperation in the areas of research and publications, professional development, awareness programmes, and joint meetings, comes on the sidelines of the Council’s 24th Board of Directors meeting, and a joint Technical Workshop organised by CIBAFI and hosted by the SCA on the subject of Islamic Capital Market.

Commenting on the signing H.E. Abdullah Salem Al-Turifi, CEO of SCA, said: “This signing underscores the SCA’s commitment to the development of the regional securities markets and the Islamic financial services industry in general. We look forward to working closely with CIBAFI, sharing relevant research and publications and collaborating on joint initiatives that enhance capacity building in the Islamic Financial Services Industry (IFSI).”

The MoU is aligned with both organizations’ strategic missions, in particular CIBAFI’s endeavor to improve capacity building in the Islamic Financial Services Industry (IFSI), and the SCA’s mandate as the Emirates regulator and capital market watchdog. It outlines the future cooperation between CIBAFI and the SCA as they work towards providing the highest standard of specialized training and development programs to professionals working in the securities and financial sectors.