Africa: Collaboration between Islamic Development Bank Institute (IsDBI) and Capital Markets Authority of Kuwait in Areas of Mutual Interest

[Deeq A.]

PRESS RELEASE
Collaboration between Islamic Development Bank Institute (IsDBI) and Capital Markets Authority of Kuwait in Areas of Mutual Interest
The strategic plan of the Capital Markets Authority includes the initiative to develop the Islamic capital market in Kuwait, which aligns with the IsDBI’s mandate

KUWAIT CITY, Kuwait, May 6, 2024/ — The Capital Markets Authority of Kuwait, represented by Prof. Ahmed Abdel Rahman Al Melhem, Chairman of the Board of Commissioners and Executive Director, agreed with the Islamic Development Bank Institute (IsDBI) (www.IsDBInstitute.org), represented by Dr. Sami Al-Suwailem, Acting Director General, to collaborate in areas of mutual interest particularly in the areas related to Islamic Finance.

The Capital Markets Authority is responsible for regulating capital market activities in the State of Kuwait and aims to create a vibrant Islamic capital market based on fairness, competitiveness, and transparency. It also works for developing the financial markets, diversifying and developing investment tools, striving to comply with international best practices, educating the public about securities activity and the benefits, risks, and obligations associated with investing in securities, and encouraging its development.

The Islamic Development Bank Institute (IsDBI), a member of the Islamic Development Bank Group, seeks to be a beacon of knowledge for the IsDB Group, and a pioneer in developing innovative, knowledge-based solutions to support the sustainable development of member countries and Muslim communities worldwide, guided by the principles of Islamic economics and finance.

The IsDB Institute and the CMA Kuwait wish to expand areas of cooperation, strengthen coordination, and exchange experience in relevant areas of mutual interest. Both parties realize that coordination and cooperation will increase the effectiveness of activities and efforts, aimed at developing Islamic financial institutions and supporting socio-economic development.

The strategic plan of the Capital Markets Authority includes the initiative to develop the Islamic capital market in Kuwait, which aligns with the IsDBI’s mandate to lead the development of innovative, knowledge-based Islamic finance solutions to support sustainable development for IsDB Member Countries and Muslim communities worldwide.

Accordingly, the two parties signed a memorandum of understanding to facilitate and coordinate technical cooperation between the two parties in areas of common interest. In particular, the collaboration involves conducting the necessary studies to analyze the current status of the Islamic financial industry, benchmarking with the best international practices, and formulating a road map for the development of a vibrant Islamic capital market in the State of Kuwait, as well as benefiting from the capacity building programs provided by the IsDBI.
Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).
SOURCE
Islamic Development Bank Institute (IsDBI)

Qaran News