RIYADH: The Securities Commission Malaysia today signed a Memorandum of Understanding with the Islamic Development Bank Group, paving the way for greater cooperation in Islamic capital market and broadening the reach of Islamic fintech and social finance, particularly waqf.
Anwar and Muhammad Al Jasser, in their meeting in March 2023, agreed that regulators, authorities and businesses in Malaysia work closely with IsDB to explore new areas of collaboration. It also aims to increase capacity building, knowledge sharing and joint technical projects in key interest areas related to ICM, which can also be capitalised by both institutions for the benefit of other IsDB member countries.
Awang Adek added that this MoU is also in line with the key strategic initiatives for the Malaysian ICM under the Capital Market Master Plan 3 , including expanding the reach of ICM to the broader stakeholders of the economy and embracing collaboration and innovation for growth.