DOHA: Bait Al Mashura Finance Consultations in Qatar has signed an agreement with the World Bank in order to reinforce cooperation in host of areas, including research and knowledge sharing in the field of Islamic finance, said a press statement yesterday.
According to Al Mashura, this cooperation agreement is the first of its kind in favour of a consultancy firm in Qatar and the region.
Bait Al Mashura is a specialised consulting firm providing Shariah compliant consultation to Islamic as well as conventional financial institutions. It also provides audit, supervision, training and development services to promote Islamic Banking in Qatar and overseas.
It organises conferences related to the field of Islamic finance, such as the Doha Islamic Finance Conference which is regularly held here and has become a significant platform to discuss issues, concerns and challenges of Islamic finance industry.
In addition to cementing cooperation between the two institutions in the field of Islamic finance for establishing research centers, the agreement will reinforce cooperation for exchanging scholarly visits and conducting lectures in Qatar and elsewhere.
Under the agreement, the parties have also agreed to extend invitations to the executive management of the company to deliver lectures and present papers at workshops organized by the World Bank.
The agreement was inked on the sidelines of the visit of Washington based Abayomi A Alawode, a practice manager and head of Islamic finance at the World Bank’s Financial Systems Global Practice, as a representative of the World Bank to the company.
During his visit to Bait Al Mashura, Abayomi introduced the initiatives of the World Bank and its efforts towards the development of Islamic finance. He also shed light over the areas of interest for the World Bank related to the further development of Islamic finance.
Dr Khalid Al Sulaity, Vice chairman of Bait Al Mahsura Board of Directors said that the cooperation agreement comes as a result of the company’s eagerness to strengthen the cooperation with various national, regional and international organisations to take advantages of the different experiences and contribute to the further development of Islamic finance industry in Qatar as well as at the regional and global levels.
Bait Al Mashura has launched the diploma in Islamic finance (CIMA), the first professional certification from British institution pertaining to the Islamic finance in Qatar.