IRTI, UNHAS sign agreement to develop Islamic finance in Saudi Arabia

The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group has signed a memorandum of understanding (MoU) with Universitas Hasanuddin (UNHAS) of Indonesia in order to develop Islamic finance as an academic discipline in Saudi Arabia.

The MoU will facilitate co-operation between the two institutions in various aspects of Islamic finance education and research innovation, reported Saudi Gazette.

Under the partnership, IRTI will support UNHAS to develop Islamic finance academic programs, especially in the areas of Sharia, financial technology (FinTech), and microfinance.

IRTI and UNHAS will also conduct joint research programs in Sharia-based microfinance and FinTech.

In addition, the MoU will facilitate provision of infrastructure support to make UNHAS a center of excellence for the development and training of lecturers of Islamic Economics Programs, as well as the establishment of a sharia rural bank at UNHAS.

The two institutions further agreed to explore the possibilities of conducting joint research and training activities in Makassar as well as in Jeddah.

“We are happy to sign the MoU with UNHAS to co-operate in various areas to facilitate innovation in Islamic finance education, capacity development, and research,” said IRTI Director General, Dr. Humayon Dar.