Jeddah, Kingdom of Saudi Arabia, 6 September 2018 – A memorandum of understanding has been signed today 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 Chief Executive Officer of Dar Al Sharia, Mr. Mian Muhammad Nazir, during a ceremony at the IsDB Headquarters in Jeddah, Kingdom of Saudi Arabia.
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 Sharia 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 Sharia-compliant products and services.
IRTI Director General, 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. This is in line with our mandate in IRTI to conduct applied Islamic financial research to bring economic, financial and banking activities into conformity with Islamic law for economic and social progress."
The Chief Executive Officer of Dar Al Sharia, Mr. Nazir, said, "The strategic collaboration with IRTI is a landmark initiative towards the development of a sustainable platform for innovation to support the rapidly growing Islamic finance industry. Given IRTI's dominant leadership in serving the Islamic finance industry, Dar Al Sharia envisages utilizing its award winning and innovative Sharia advisory services capabilities under this collaboration in providing innovative Islamic finance solutions, embracing the concepts of value-based financial intermediation based on the principles of Sharia."