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| November 06, 2006 | Monday | Shawwal 13, 1427 |
Pakistan, Malaysia sign accord: Research, education in Islamic finance
ISLAMABAD, Nov 5: Pakistan and Malaysia Sunday signed an agreement and an MoU to share the knowledge and expertise in Islamic finance and to construct roads in Pakistan.
The signing ceremonies were held at the Prime Minister’s House, following the official talks held between Prime Minister Shaukat Aziz and his Malaysian counterpart Abdullah Ahmad Badawi.
The memorandum of understanding (MoU) between the National Institute of Banking and Finance (NIBAF), Pakistan, and the International Centre for Education in Islamic Finance (INCEIF), Malaysia, were signed by State Bank of Pakistan (SBP) Governor Dr Shamshad Akhtar and INCEIF Board of Directors Chairman Dr Zeti Akhtar Aziz on behalf of their respective governments.
The MoU aims at establishing a framework of cooperation between NIBAF and INCEIF for mutual benefit and joint cooperation, promoting and undertaking research, development, training and education in Islamic finance.
Both countries 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 service providers.
The MoU also signifies the commitment to strengthen the ties between the two countries, taking into consideration the long established relationship as members of the OIC community.
The State Bank of Pakistan (SBP) aims to establish Islamic banking as a parallel banking system which is comparable and compatible to conventional banking and can become the first choice in Pakistan depending on the market demand.
To cope with the increasing demand of human resources trained in Islamic banking and finance, the SBP is taking different measures. A Task Force on Research and Development is working for suggesting measures for capacity building issues in Islamic banking and finance.
INCEIF was set up by Bank Negara Malaysia in March this year to serve as a catalyst in creating high-calibre professionals in Islamic banking and finance to meet the requirements of the industry, both domestically and internationally.
The sharing of experiences and expertise between Pakistan and Malaysia will enable both countries to work closely and collaborate to spearhead the development of Islamic finance.
The agreement to construct roads in Pakistan with the assistance of Asian Development Bank was signed by National Highway Authority (NHA) Chairman Maj-Gen Farrukh Javed and Minconsult International Director Dr Dennis Ganendra on behalf of respective governments to help Pakistan in construction of roads.
Under this agreement, the Malaysian firm will construct Khanozai-Zhob (N-50), Mughal Kot (N-50) and Qila Saifullah-Waigum (N-70) sections of national highways.
The $2.41 million project will be executed with the help of loans from the Asian Development Bank.—APP
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