World Bank in deal to foster cooperation on Islamic finance

The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, and the World Bank have signed a memorandum of understanding (MoU). The MoU will help foster the development of Islamic finance globally and expand its use as an effective tool for financing development worldwide, including in non-Muslim countries. The MoU serves as the foundation for future cooperation in the areas of knowledge generation and dissemination; distilling and sharing lessons of experience; encouraging research and promoting awareness; and enhancing capacity in the Islamic financial services industry.