MoU between International Center of Islamic Economy and Finmal Finance Services Limited

As part of its commitment to drive the development of the Islamic Economy and an increasing number of African states showing interest in Islamic Finance and Economy, the International Center of Islamic Economy (ICIE) recently signed a strategic Memorandum of Understanding (MoU) with the Finmal Finance Services Limited (FFSL). The MoU aims to strengthen their mutual cooperation and make valuable contributions to increase expertise in Islamic Economy and Finance for the good operation of the increasingly wide-spread use of Islamic Economy and Finance in accordance with Shar’iah Rules and Principles.

The move aims to give importance of setting up a network of mutual cooperation and collaboration to strengthen the effort of two institutions in promoting innovation of Shar’iah-compliant Products to Islamic Economic Institutions. As the Center belief, Africa features a potentially strong demand for Islamic Financial and Economical Services and Products, presenting significant opportunities to deepen and broaden Financial and Economical Intermediation. Through the cooperative MoU, the Center hopes to serve the market in sub-Saharan Africa who are willing to operate and adherence to Shar’iah Principles.

The memorandum was signed on 22 July, 2017 at DAFZA Business Centre by Mr. Sultan Al Howymel, Chief Executive Officer of ICIE, and Alhaji Dr. Umaru Kwairanga, Chief Executive Officer of FFSL, in the presence of senior officials and managers from both sides.

The move is very important as it partly define the vision of the Center, which is to take the lead globally in initiatives and applications of the Islamic Economy. It also comply with prospective role the Center is playing in promoting the concept of Islamic Economy and Developing its applications globally by encouraging research, scientific and jurisprudential reports, stimulating creativity and innovation in the development of Shar’iah-compliant Products and Services.