Malaysia, UAE boost ties in Islamic finance

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islamic financeThe central banks of Malaysia and the United Arab Emirates signed a pact to foster closer economic ties between the two countries, including in the area of Islamic finance.

The pact, signed on October 11, signals stronger cooperation between the two financial hubs, which held a combined $181 billion in Shariah-compliant banking assets as of 2011, despite growing competition for a share of Islamic business.

Governors of both central banks signed the memorandum of understanding on the sidelines of the International Monetary Fund and World Bank annual meetings in Washington.

It follows stronger cooperation between the Islamic finance centers, in particular the Gulf and Southeast Asian regions, despite traditional differences in the design and implementation of Shariah-compliant financial products.

The Memorandum of Understanding was signed by Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia and His Excellency Sultan bin Nasser Al Suwaidi, the Governor of the Central Bank of the United Arab Emirates.

Commenting on the signing, Governor Zeti said, “This Memorandum of Understanding provides further avenues for our central banks to work together in areas that will facilitate closer financial and economic linkages.  I look forward to the cooperation and collaboration with the Central Bank of the United Arab Emirates in deepening our financial sector linkages.”

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Reading Time: 1 minute

The central banks of Malaysia and the United Arab Emirates signed a pact to foster closer economic ties between the two countries, including in the area of Islamic finance.

Reading Time: 1 minute

islamic financeThe central banks of Malaysia and the United Arab Emirates signed a pact to foster closer economic ties between the two countries, including in the area of Islamic finance.

The pact, signed on October 11, signals stronger cooperation between the two financial hubs, which held a combined $181 billion in Shariah-compliant banking assets as of 2011, despite growing competition for a share of Islamic business.

Governors of both central banks signed the memorandum of understanding on the sidelines of the International Monetary Fund and World Bank annual meetings in Washington.

It follows stronger cooperation between the Islamic finance centers, in particular the Gulf and Southeast Asian regions, despite traditional differences in the design and implementation of Shariah-compliant financial products.

The Memorandum of Understanding was signed by Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia and His Excellency Sultan bin Nasser Al Suwaidi, the Governor of the Central Bank of the United Arab Emirates.

Commenting on the signing, Governor Zeti said, “This Memorandum of Understanding provides further avenues for our central banks to work together in areas that will facilitate closer financial and economic linkages.  I look forward to the cooperation and collaboration with the Central Bank of the United Arab Emirates in deepening our financial sector linkages.”

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