Published: October 16, 2012
Institutions will work together to promote Islamic finance industry globally.
The World Bank and the Islamic Development Bank are joining forces to promote Islamic finance around the world.
The two parties have signed a memorandum of understanding to set out a framework for collaboration that will boost global, regional and country efforts to develop the Islamic finance industry.
The World Bank and the IDB will work together to map out new ideas to spread awareness of Islamic finance, grow the industry and better its risk management framework.
Dr. Ahmad Mohamed Ali Al Madani, president of the IDB, said the agreement “aims to forge a strategic partnership between our two institutions in the area of Islamic finance to support inclusive growth, including greater access to finance for the poor, and financial stability in our mutual member countries”.