BNM & UK body to join hands on Islamic finance

Bank Negara Malaysia (BNM) yesterday signed a Memorandum of Understanding (MoU) with the UK Trade and Investment (UKTI) to establish a collaborative framework to promote mutual co-operation in Islamic finance.
The MoU was signed in London by BNM governor Tan Sri Dr Zeti Akhtar Aziz and UKTI CEO Sir Andrew Cahn, the central bank said in a statement issued in Kuala Lumpur on Feb 25.
This MoU will pave the way for Malaysia and the UK to strengthen co-operation in the development of talent and expertise, business linkages and infrastructure support in Islamic finance. This strategic initiative will facilitate the exchange of resources in the development of human capital and promote the mutual recognition of common standards in Islamic finance transactions.
These initiatives in the context of the current global development of Islamic finance would contribute to elevating the understanding and appreciation of Islamic finance.
The signing of this MoU reflects the commitment to further develop the Islamic finance industry in the United Kingdom and Malaysia, Bank Negara said.
"The MoU signifies the establishment of a collaborative partnership between the two countries in the area of Islamic finance and provides the potential to strengthen the inter-linkages amongst key financial centres in Islamic finance in the international financial system." said Dr Zeti Akhtar Aziz.
Sir Andrew Cahn highlighted that "as conventional liquidity becomes difficult to come by, companies are looking for alternative financial options, thus helping Islamic finance become part of the mainstream international finance market.
"Despite its origins overseas, Islamic finance has found a natural home in the UK and working in partnership with Malaysia helps cement our position as the leading western centre for Islamic finance," he said. — Bernama