Malaysia, IsDB sign agreement to transform KL Regional Hub into Center of Excellence

Malaysia, IsDB sign agreement to transform KL Regional Hub into Center of Excellence

Kuala Lumpur (UNA-OIC) – Malaysian Minister of Finance and Islamic Development Bank (IsDB) Governor Utama Zafrul bin Abdul Aziz, and IsDB President Dr. Bandar Hajjar have formally signed a Memorandum of Understanding and Supplementary Agreement between the Government of Malaysia and IsDB.

The agreement provides for the transformation of the IsDB Regional Hub of Kuala Lumpur into a Center of Excellence mandated to promote cooperation on Islamic finance, Halal initiatives, Science, Technology, and Innovation (STI) eco-systems, reverse linkages for capacity sharing and resource mobilization.

In his Keynote statement on this occasion, the minister praised the excellent relationship between Malaysia and IsDB, which dates back to March 1975. Since then both parties have enjoyed a mutually beneficial partnership, wherein Malaysia leverages IsDB’s network, to promote the skills and expertise of the country for the benefit of other Member Countries of the Jeddah-based IsDB.

The cooperation between the two parties is further strengthened through the establishment of the IsDB Regional Hub in Kuala Lumpur in 1994 and, today, through the signing of the MoU transforming the Hub into a Center of Excellence.

Dr. Hajjar, meanwhile, expressed gratitude to the Government of Malaysia as well as to the Malaysian public and private stakeholders, for their commitment and willingness to share their knowledge and expertise with other IsDB member countries.

He reiterated the IsDB Group’s commitment to strengthening the already excellent relationship with the Government of Malaysia, particularly through transforming the IsDB Regional Hub in Kuala Lumpur into a Center of Excellence. 

The transformation of the regional hub into a center of excellence would serve as a gateway between Malaysia and other IsDB countries and facilitate the exchange of comprehensive development solutions including know-how, technology, tools, and investment in five areas of high economic impact namely, STI, Islamic Finance, Halal Industry, Reverse Linkage for Capacity sharing, and Resource Mobilization on the basis of win-win approaches.

The ceremony also witnessed the launching and going-live of a digital platform called E-gateway platform bringing together all the stakeholders comprising solution providers, solution seekers, investors and investees in one community, using the power and the benefits of IsDB ENGAGE platform.

The signing ceremony was followed by a webinar on the ‘Role of Locally Developed Innovation and Technology Transfer in Strengthening Health Industry in IsDB member countries’.

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