UAE: DFSA signs MoU with Malaysia's central bank to further strengthen Islamic finance
Source: Middle East Insurance Review | Jan 2019
The Dubai Financial Services Authority (DFSA) has signed an MoU with Bank Negara Malaysia (BNM) to cooperate in the authorisation and supervision of banks and insurers operating in both markets.
The MoU was signed by chief executive of the DFSA Bryan Stirewalt and deputy governor of BNM Jessica Chew on the sidelines of the 2018 International Conference of Banking Supervisors, an event hosted in Abu Dhabi by the Central Bank of the UAE.
“The DFSA and BNM have long enjoyed a strong and close relationship, particularly in the area of Islamic finance,” said Mr Stirewalt in a statement. “In recognition of Malaysia’s and Dubai’s commitment and prominence in this field, the DFSA previously entered into an MoU with BNM in March 2007, with the objective of further developing the international Islamic finance markets.”
The MoU anticipates the presence of Malaysian institutions, including those offering Islamic finance, in the DIFC, and formalises arrangements for regulatory cooperation and establishes a framework for exchange of information and regular dialogue between both regulators. M