Riyadh/Manama: The General Council for Islamic Banks and Financial Institutions (CIBAFI) and Oumla have signed a Memorandum of Understanding (MoU) to advance digital innovation, accelerate technology adoption, and strengthen the digital transformation of the Islamic financial services industry.
The agreement was signed at Oumla’s headquarters in Riyadh, Kingdom of Saudi Arabia, the agreement marks a strategic partnership that brings together CIBAFI’s global industry leadership and Oumla’s expertise in digital financial infrastructure to help shape the future of Islamic finance.
Under the MoU, CIBAFI and Oumla will collaborate on a broad range of strategic initiatives, including joint research, knowledge-sharing programmes, professional training and capacity-building initiatives, industry events, and stakeholder engagement activities designed to accelerate digital innovation and promote the sustainable advancement of Islamic finance.
As digital transformation continues to redefine financial services worldwide, the partnership aims to unlock new opportunities for collaboration across key areas, including digital financial infrastructure, distributed ledger technologies (DLT), blockchain-enabled solutions, applied research, industry engagement, professional capacity building, and knowledge development. Through these joint initiatives, both organisations seek to foster innovation, facilitate knowledge exchange, and support the responsible adoption of emerging technologies across the Islamic finance ecosystem.
The Memorandum of Understanding was signed by Hamza K. Bawazir, Secretary General of CIBAFI, and Mohammed Aljasser, Chief Executive Officer of Oumla. “We are pleased to establish this strategic partnership with Oumla, whose commitment to digital innovation aligns closely with CIBAFI’s vision for the future of Islamic finance. As emerging technologies continue to reshape the global financial landscape, collaboration between industry institutions and technology innovators is becoming increasingly essential. Through this partnership, we aim to promote knowledge sharing, strengthen professional capacity, and advance the responsible adoption of innovative digital solutions that enhance the resilience, efficiency, and long-term competitiveness of the Islamic financial services industry,” Hamza K. Bawazir said.
“We are honoured to partner with CIBAFI, the global umbrella organisation dedicated to the development of the Islamic financial services industry. This collaboration represents an important step towards bridging industry expertise with advanced digital capabilities. By working together, we aspire to accelerate digital transformation, foster practical innovation, and develop impactful initiatives that create lasting value for Islamic financial institutions and the broader financial ecosystem,” Mohammed Aljasser added.
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