Baghdad: The General Council for Islamic Banks and Financial Institutions (CIBAFI), an affiliate of the Organization of Islamic Cooperation (OIC), has entered into a strategic cooperation memorandum with the Iraqi League of Islamic Banks in Baghdad. This agreement marks a significant step towards strengthening the framework for collaboration in key areas that are crucial for the advancement of Islamic banking in Iraq.

According to Saudi Press Agency, the memorandum outlines a comprehensive plan for the exchange of expertise and knowledge between the two entities. It also emphasizes the importance of organizing specialized training programs and workshops aimed at enhancing the skills of employees working in Iraqi Islamic banks. Furthermore, the agreement paves the way for collaborative efforts in conducting research and studies pertinent to the Islamic finance industry.

The partnership is anticipated to play a pivotal role in fostering the growth and development of Islamic banking practices within Iraq, ensuring that the sector benefits from shared insights and expertise.