Bank Negara, Central Bank of UAE seal pact to boost cooperation
KUALA LUMPUR: Bank Negara Malaysia sealed a pact with the Central Bank of the United Arab Emirates to strengthen bilateral cooperation, particularly for the development of financial service linkages.
In a statement yesterday, Bank Negara said the memorandum of understanding (MoU) provides framework for cooperation, including in the area of Islamic finance, to support and facilitate greater financial and economic ties between Malaysia and the UAE.
The MoU was signed by Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz and UAE central bank governor Sultan Nasser Al Suwaidi on the sidelines of the International Monetary Fund/World Bank Annual Meetings in Washington D.C.
"This MoU provides further avenues for our central banks to work together in areas that will facilitate closer financial and economic linkages," said Zeti.
The global Islamic banking industry is expected to top US$1.3 trillion (RM4.16 trillion) by year-end.