Riyadh: The Islamic Development Bank Institute (IsDBI) and the Tanzania-based Centre of Islamic Finance, Compliance and Advice (CIFCA) signed a memorandum of understanding (MoU) to strengthen cooperation in advancing Islamic finance, capacity development, professional certification, research, and knowledge dissemination.

According to Saudi Press Agency, the partnership seeks to leverage the complementary strengths of both organizations to promote excellence in Islamic finance education and professional development in Tanzania, while contributing to the broader objectives of sustainable and inclusive economic development beyond IsDB member countries.

Speaking on the occasion, Acting Director General of IsDB Institute Dr. Sami Al-Suwailem emphasized the importance of investing in talent and knowledge as key enablers of a vibrant Islamic finance ecosystem. He said: 'Human capital remains one of the most critical pillars for the sustainable growth of Islamic finance. Through this partnership, we look forward to working closely with CIFCA to promote knowledge, professional excellence, and innovation that can enhance the developmental impact of Islamic finance.'

Chairman of CIFCA Aref Mbarak Nahdi highlighted the significance of the collaboration in fostering globally recognized professional standards and competencies within the industry. 'This partnership reflects our shared commitment to nurturing future leaders and practitioners who can contribute meaningfully to the continued advancement of Islamic finance and its role in addressing contemporary economic and social challenges,' he noted.