CENTRE OF ISLAMIC BANKING & ECONOMICS

Head Office: 160 – B Ahmed Block, Ph: +92-42-35913096-8 E-mail: info@alhudacibe.com New Garden Town Lahore, Pakistan. Fax: +92 -42-35913056 Website: www.alhudacibe.com

Press Release

Two Research & Training Giants of Islamic Banking & Finance signed Agreement

AlHuda CIBE & INAYAH Joined Hands to Promote Islamic Banking & Finance Globally

(Amman – Jordan) An agreement to promote Islamic Banking & Finance was signed between AlHuda

Centre of Islamic Banking and Economics (CIBE) and INAYAH Islamic Finance Research Institute (IIFRI) in

an impressive ceremony, which was held today in the Capital of Jordan, Amman. The Agreement was

mutually signed by Dr. Nidal Alsayyed, President and CEO of IIFRI and Muhammad Zubair Mughal, Chief

Executive Officer - AlHuda CIBE. According to the agreement, both institutions will jointly work together

for the promotion of state of the art applied research and training in multi Islamic Finance areas,

particularly in Sukuk and Islamic Microfinance through research, publications, Training, Consulting, Public

awareness, and capacity building services in the Middle East and North Africa (MENA) region.

CENTRE OF ISLAMIC BANKING & ECONOMICS

Head Office: 160 – B Ahmed Block, Ph: +92-42-35913096-8 E-mail: info@alhudacibe.com New Garden Town Lahore, Pakistan. Fax: +92 -42-35913056 Website: www.alhudacibe.com

Dr. Nidal Alsayyed, President and CEO – INAYAH said that there is an immense need of synergizing for

enhanced Islamic Finance awareness and capacity building at present. He also added that such joint

initiative taken by AlHuda CIBE and IIFRI is a promising one, which will prop up Islamic Finance in the

region. He said that INAYAH, collaborating with AlHuda CIBE, shall collectively enhance the awareness

and capacity building in Islamic Banking and Finance through master level programs in many other

countries including Pakistan.

Muhammad Zubair Mughal, CEO – AlHuda CIBE, highlighted the importance of the agreement, admired

such a joint initiative in Islamic Finance taken by AlHuda CIBE and IIFRI and said that it is actually a unique

proposition between two dedicated research institutions of Islamic Finance where both of the

institutions, connecting their regional and professional expertise, shall work together for joint research on

Islamic finance related topics, publications, reports, capacity building, and other related important

aspects. He said that agreements, MOUs, and mergers between Islamic Banking and Financial Institutions

is the routine practice, but this agreement for joint research in Islamic finance has a unique proposition,

which will have a positive impact in the Islamic finance industry. He said that there is an immediate need

for research in different aspects of Islamic finance, particularly Islamic Microfinance and Sukuk. Mughal

emphasized that while AlHuda CIBE has substantially worked on different assignments of Islamic

microfinance, INAYAH has special expertise in Sukuk structuring and Training, therefore both of the

institutions will strategically pool their resources, expertise, and skill to grow the Islamic Microfinance and

Sukuk based platforms on a regional level.

INAYAH is a Jordan based institution, which is working for the growth of Islamic finance having offices in

Malaysia, Saudi Arabia, UK, and other countries, while AlHuda CIBE has been aggressively working for the

Islamic Banking and Finance industry with state of the art education, research, advisory, and consultancy

services for the last ten (10) years.