The National Institute of Banking and Finance (Nibaf) and the International Centre for Education in Islamic Finance (Inceif) established a framework of co-operation for the mutual benefit and joint co-operation, promoting an undertaking research, development, training, and education in Islamic finance.
The signing ceremony of a memorandum of understanding (MoU) between Nibaf and Inceif took place at the Prime Minister''s House here on Sunday. State Bank of Pakistan (SBP) Governor Dr Shamshad Akhtar and Tan Sri Dr Azeti Akhtar signed MoU on behalf of their respective organisations. Prime Minister Shaukat Aziz and his Malaysian counterpart Abdullah Ahmad Badawi were present at the MoU signing ceremony.
Both parties will be able to tap into each other''s perspectives of the industry as well as the pool of market practitioners, Shariah, scholars, university professors, regulators and other services providers.
The MoU also significant the commitment to strengthening the ties between the two countries, taking into consideration the long established relationship as member of the OIC.
The SBP aims to establish Islamic Banking as a parallel banking system which is comparable and compatible to conventional banking and can become the banking of first choice in Pakistan depending on the market demand.
It needs to be robust enough to offer a viable alternative to conventional banking should the market decide that we should have an exclusively Islamic banking in the country.
-Online