Arab Monetary Fund and AAOIFI to Strengthen Development of Islamic Financial Services in Arab Region

The Arab Monetary Fund (AMF) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) have signed a Memorandum of Understanding (MoU) to boost international cooperation to strengthen the development of the Islamic financial service industry in the Arab region, according to local media reports.

Based on a statement issued by the AMF on the 6th of January 2021, the MoU will enable the two organisations to jointly undertake technical activities relating to Shariah, accounting and governance standards, as well as promote awareness of issues that impact the regulation and supervision of Islamic financial services institutions.

The MoU was signed by Dr. Abdulrahman Al Hamidy, Director General Chairman of the Board of the AMF, and Omar Mustaf...