NIBAF, INCEIF inks MoU
By Adnan Rafique

ISLAMABAD—National Institute of Banking and Finance (NIBAF) and International Centre for Education in Islamic Finance (INCEIF) established a framework of cooperation for the mutual benefit and joint cooperation, promoting an undertaking research, development, training, and education in Islamic finance.
The signing ceremony of a Memorandum of Understanding (MoU) between NIBAF and INCEIF took place at the Prime Minister’s House in Islamabad Sunday. Dr Shamshad Akhtar, the Governor of the State Bank of Pakistan and Tan Sri Dr Azeti Akhtar on behalf of INCEIF. P Prime Minister Shaukat Aziz and Prime Minister of Malaysia Dato’ Seri Abdullah Ahmad Badawi were present at the MoU signing ceremony.
Both parties will be able to tap into each other’s perspectives of the industry as well as the pool of market practitioners, Shariah, Scholars, university professors, regulators and other services providers.
The MoU also significant the commitment to strengthen the ties between the two countries, taking into consideration the long established relationship as member of the OIC communities. SBP aims to establish Islamic Banking as a parallel banking system which is comparable and compatible to conventional banking and can become the banking of first choice in Pakistan depending on the market demand.
It needs to be robust enough to offer a viable alternative to conventional banking should the market decide that we should have an exclusively Islamic Banking in the country.
To cope with the increasing demand of human resources trained in Islamic banking and finance, the bank is taking different measures.
A Task Force on Research and Development is working for suggesting measures for capacity building issues in Islamic Banking and Finance.
NIBAF is carrying out its mission to strengthen the Pakistan’s banking industry, particularly in the area of human resource development, through its research and training services for financial institution in Pakistan.
INCEIF was set up by Bank Negara Malaysia in March this year to serve as catalyst in creating high caliber professionals in Islamic Banking and Finance to meet the requirement of the industry both domestically and internationally.