The founding members of the World Islamic Finance Institute signed an in-principle agreement to form the institute, which will serve as a non-governmental organisation with its headquarters in Malta and an office in Dubai, UAE.
The International Islamic Finance Conference is currently being held in Malta and attended by some of the world’s leading banks, both Islamic and conventional including Al Baraka Banking Group, Deutsche Bank and HSBC, among others.
The purpose of the World Islamic Finance Institute is to promote the cause of genuine Islamic finance globally, develop the infrastructure for Islamic finance by interacting with governments, agencies and regulatory authorities, hold and support conferences on relevant market issues and promulgate standardisation of governing principles. The World Islamic Finance Institute will endeavour to serve the industry by aiding in the development of best practices and standards in the Islamic finance industry.
The World Islamic Finance Institute foundation is supported by several key players in the market such as the Al Baraka Banking Group, The Malta Institute of Management, Deutsche Gulf Finance (a joint-venture between Deutsche Bank AG’s Riyadh Branch and a group of Saudi investors led by Fahad Abdullah Abdulaziz Al Rajhi), Agha & Co (the world’s first Shariah Compliant Law Practice), Eremme Business Advisors (a leading Mediterranean Advisory Group), Ernst & Young and the Malta Union of Bank Employees.
Source : http://www.maltabusinessweekly.com.mt/news.asp?newsitemid=9849 - Oct 28, 2010
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