RIYADH, Saudi Arabia, April 29. The Securities Commission Malaysia (SC) signed a Memorandum of Understanding (MOU) with the Islamic Development Bank (IsDB) Group, paving the way for greater cooperation in Islamic capital market (ICM) and broadening the reach of Islamic fintech and social finance, particularly waqf, Trend reports.
Prime Minister of Malaysia, Dato' Seri Anwar Ibrahim and IsDB President and Chairman, His Excellency Dr. Muhammad Al Jasserwitnessed the signing of the MOU, the first-of-its-kind between the Malaysian capital market regulator and the premier multilateral development bank of the Global South on the sidelines of the IsDB Annual General Meeting 2024 in Riyadh.
Under the MOU, both the SC and IsDB will collaborate in several key areas. These include facilitating innovation in Islamic fintech, promoting development of Islamic social finance, and encouraging inflow of foreign investment into private markets, among others.
It also aims to increase capacity building, knowledge sharing and joint technical projects in key interest areas related to ICM, which can also be capitalised by both institutions for the benefit of other IsDB member countries.