USIM Signs MoU With Maldives Centre For Islamic Finance

NILAI (Negeri Sembilan, Malaysia) Dec 1 (Bernama) -- Universiti Sains Islam Malaysia (USIM) signed a memorandum of understanding (MoU) recently, with the Maldives Centre for Islamic Finance (MCIF) to enhance and foster cooperation in the development of Islamic finance and halal field in the Maldives. USIM was represented by vice-chancellor, Prof Dr Musa Ahmad and MCIF, by its managing director, Ibrahim Didi. USIM's Graduate School of Muamalat Faculty of Economics and Muamalat, marketing executive Mohammad Syarin Sapuan said the global Islamic Financial Services Industry (IFSI) had increased significantly over the past three decades and was worth approximately US$1.9 trillion as of 2015, with even faster growth expected over the coming years. While on the halal industry trend, he said it had been reported in a recent report published by the World Halal Forum, global trade in halal food and beverages was currently estimated to be worth about US$1.4 trillion annually. "With Islam now considered to be the second largest religion, and the fastest growing, Muslims are soon expected to represent the largest share of global consumer spending," added Mohammad Syarin in a statement here Thursday. He said the ongoing growth of the IFSI and increasing demand for halal products worldwide required further development to reach its full potential in supporting inclusive growth. Through the MoU, USIM and MCIF will promote Islamic finance, as well as halal as a potential tool supporting the efforts of countries to reach their development goals and with aspirations to cater to the exponentially growing demand for these sectors in non-Muslim countries in that region. "This timely MoU serves as the foundation for future cooperation in the areas of knowledge generation and dissemination; distilling and sharing lessons of experience, promoting awareness; and enhancing capacity in the Islamic financial services, as well as the halal industry," noted Mohammad Syarin. -- BERNAMA