The Centre for Islamic Finance, Compliance and Advice (CIFCA) entered into a Memorandum of Understanding (MoU) with the Islamic Financial Services Board (IFSB) in 2022, with the primary objective of fostering collaboration in:
- Capacity building in Islamic finance
- Promotion and implementation of IFSB standards
- Strengthening regulatory and supervisory frameworks
- Supporting the development of Islamic finance ecosystems in emerging markets, particularly
Tanzania Key Objective:
During a tour in Malaysia, Secretary General managed to secure an appointment for a physical engagement with IFSB with the main objective to mark a critical step toward operationalizing the MoU, transitioning from a framework agreement into practical, implementable collaboration initiatives.
The meeting was guided by the following strategic objectives:
- Operationalization of the CIFCA-IFSB MoU (2022) through actionable initiatives;
- Exploration of technical support mechanisms for Tanzania’s Islamic finance ecosystem;
- Strengthening collaboration with regulators, particularly the Bank of Tanzania (BoT);
- Identifying capacity-building programs for regulators, supervisors, and market players;
- Positioning CIFCA as a focal coordination partner for IFSB engagement in Tanzania; and
- Aligning global standards with local implementation priorities, including Zanzibar’s emerging Islamic capital market.
The meeting resulted in the following concrete outcomes:
- Agreement to operationalize the CIFCA-IFSB MoU through structured programs
- Proposal for a national Islamic finance diagnostic study led by IFSB
- Commitment to engage the Bank of Tanzania for formal request and collaboration
- Identification of capacity-building programs targeting regulators and supervisors
- Recognition of CIFCA as a coordination partner in Tanzania
- Planned exposure visits to Malaysian Islamic finance institutions
- Engagement pathway for Zanzibar in Islamic capital market development
Invitation to global IFSB platforms, strengthening international linkage.
