The Islamic Development Bank Institute (IsDBI) and the Tanzania-based Centre of Islamic Finance, Compliance and Advice (CIFCA) signed a Memorandum of Understanding (MoU) to strengthen cooperation in advancing Islamic finance, capacity development, professional certification, research, and knowledge dissemination.
The MoU was signed on the sidelines of the 2026 IsDB Group Annual Meetings, held from 16-19 June in Baku, Azerbaijan. The partnership seeks to leverage the complementary strengths of both organizations to promote excellence in Islamic finance education and professional development in Tanzania, while contributing to the broader objectives of sustainable and inclusive economic development beyond IsDB Member Countries.
As Tanzania is not an IsDB Member Country, the MoU allows the IsDBI and CIFCA to explore cooperation on a range of human capital programs that serve the Muslim community and contribute to the progress of the Tanzanian economy at large.
CIFCA plays an important role in accelerating financial inclusion and driving the development of Shariah-compliant financial systems across Tanzania. Endorsed by the Government of Tanzania as an Islamic finance advisory body, CIFCA collaborates with key entities like the Bank of Tanzania, and the Capital Markets and Securities Authority. It facilitated the launch of landmark projects, including checking and certifying major public Sukuk listings on the Dar es Salaam Stock Exchange. Furthermore, CIFCA also offers professional certifications and training programs to build local academic and professional capacity.
Speaking on the occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDB Institute, emphasized the importance of investing in talent and knowledge as key enablers of a vibrant Islamic finance ecosystem. He said, “Human capital remains one of the most critical pillars for the sustainable growth of Islamic finance. Through this partnership, we look forward to working closely with CIFCA to promote knowledge, professional excellence, and innovation that can enhance the developmental impact of Islamic finance.”
Mr. Aref Mbarak Nahdi, Chairman of CIFCA highlighted the significance of the collaboration in fostering globally recognized professional standards and competencies within the industry. “This partnership reflects our shared commitment to nurturing future leaders and practitioners who can contribute meaningfully to the continued advancement of Islamic finance and its role in addressing contemporary economic and social challenges,” he noted.
The collaboration aligns with the strategic priorities of both institutions to support the development of robust, ethical, and inclusive financial systems grounded in the principles and values of Islamic finance.
As Islamic finance continues to expand across diverse markets, the partnership is expected to contribute to the development of skilled professionals, enhanced institutional capacity, and greater knowledge exchange that will ultimately strengthen the industry's ability to serve society and promote sustainable prosperity.
