Sunday Okobi in Baku, Azerbaijan
The Islamic Development Bank Institute (IsDBI) has signed a Memorandum of Understanding (MoU) with the Labuan Financial Services Authority of Malaysia (Labuan FSA) to explore collaboration on the potential implementation of the Awqaf Free Zones concept within Labuan International Business and Financial Centre (Labuan IBFC).
The acting Director-General of IsDB Institute, Dr. Sami Al-Suwailem, and Mr. Affendi Rashdi, director-general of Labuan FSA, signed the MoU yesterday on the sidelines of the IsDB Group Annual Meetings in Baku, Azerbaijan.
The MoU, according to both parties, marks an important milestone in advancing innovative, Shari’ah-compliant development solutions that leverage the potential of Awqaf (Islamic endowments) to support sustainable economic growth and social development across IsDB Member Countries, including Nigeria.
The IsDB stated that the Awqaf Free Zones are an innovative concept developed by the IsDB Institute to integrate the principles of Waqf with the legal, regulatory, and economic framework of free zones.
