Agreement reached in Baku on developing Islamic finance between IsDB and Labuan

As part of the annual meetings of the Islamic Development Bank (IsDB) Group in Baku, a memorandum of understanding was exchanged between the Islamic Development Bank Institute and the Labuan Financial Services Authority.

According to Report, the document is aimed at creating an effective platform for cooperation in the field of Islamic finance.

The memorandum provides for the development of technical cooperation for the purpose of designing and potentially implementing the innovative Al-Qaa free zones concept, developed by the IsDB Institute on the basis of the Labuan International Business and Financial Centre.

The documents were exchanged by Director General of the Labuan Financial Services Authority Affendi Rashdi and Acting Director General of the Islamic Development Bank Institute Sami Al-Suwailem.