(MENAFN - Arab Times) KFH-Research inked a memorandum of understanding with the World Bank to reinforce ongoing efforts to monitor the development of Islamic finance sector in terms of growth.
This is considered to be the first memorandum of its kind signed by the World Bank and a research consultancy firm in the field of Islamic banking, which reflects the leading role that KFH-Research shoulders in the field of supplying markets with unique researches and studies in the field of Islamic economy.
The memorandum was inked by KFH-Research Chairman Fahad Al-Mukhaizeem and the Financial Sector and Private Sector Network Development Manager at the World Bank Tunik Wyanik.
Al-Mukhaizeem stated in a press release on this occasion that both parties are aware of the growing importance of Islamic finance in economic development aspects worldwide; especially in light of the constant growing development in the sector of Islamic financial services, and the increase in its contribution to the total assets of the banking sector in many countries which will affect the method and the way for the development of global finance. Then, the two parties signed this memorandum.
Al-Mukhaizeem added that both parties agree that there are challenges facing the global growth and development of Islamic financing, while also acknowledge the fact that there are common goals that bind them jointly, such as the will to study the development and expansion of Islamic finance on global level based on certain set of principles as guidelines.
Moreover, he mentioned that both parties will collaborate in the fields of exchanging knowledge, sharing information that can lead to the development of Islamic finance concept and philosophy, encouraging the preparation of reports and studies conducted by both parties, raising awareness regarding suitable frames to manage risks in Islamic banks in particular and Islamic financing sector in general, cementing financial stability, and increasing the chances of entering emerging markets through Islamic financial services.
It is worth noting that KFH-Research has made great strides in its field since inception in 2007. It was one of the leading companies to work in the field of Islamic economy research, which allowed it to bag numerous global awards, not to mention being the focal point of many international institutions and authorities that seek to approach Islamic finance and follow its development and potential for growth as well as to trace the success chances through monitoring, following up and objective analysis in addition to the diversified intensive research efforts.
The company that is based in Malaysia is considered to be the most prominent independent authority in the field of Islamic financing researches that include financial, economic, and feasibility consultations for new markets and future investment projects in various sectors worldwide.