The General Council for Islamic Banks and Financial Institutions (CIBAFI) and Oumla have signed a Memorandum of Understanding (MoU) to advance digital innovation, accelerate technology adoption, and strengthen the digital transformation of the Islamic financial services industry.
The agreement was signed at Oumla’s headquarters in Riyadh, Saudi Arabia. It establishes a strategic partnership that combines CIBAFI’s global industry leadership with Oumla’s expertise in digital financial infrastructure.
Both organizations will work together to support the adoption of emerging technologies and strengthen digital capabilities across the Islamic finance sector.
The partnership encourages collaboration between financial institutions and technology providers as digital transformation continues to reshape the industry.
The partnership will cover several strategic areas, including digital financial infrastructure, distributed ledger technologies (DLT), blockchain-enabled solutions, applied research, industry engagement, professional capacity building, and knowledge development.
CIBAFI and Oumla will jointly promote innovation and encourage the responsible use of new technologies across the Islamic finance ecosystem. They also plan to facilitate knowledge exchange and help institutions build the expertise needed to adopt digital solutions.
The collaboration supports financial institutions as they modernize their operations while maintaining the principles of Islamic finance.
Mr. Hamza K. Bawazir, Secretary General of CIBAFI, said that, “We are pleased to establish this strategic partnership with Oumla, whose commitment to digital innovation aligns closely with CIBAFI’s vision for the future of Islamic finance. Through this partnership, we aim to promote knowledge sharing, strengthen professional capacity, and advance the responsible adoption of innovative digital solutions that enhance the resilience, efficiency, and long-term competitiveness of the Islamic financial services industry.”
Mr. Mohammed Aljasser Chief Executive Officer Oumla
“This collaboration represents an important step towards bridging industry expertise with advanced digital capabilities. By working together, we aspire to accelerate digital transformation, foster practical innovation, and develop impactful initiatives that create lasting value for Islamic financial institutions and the broader financial ecosystem.”
The MoU outlines a broad framework for cooperation between the two organizations. It includes joint research, knowledge-sharing programs, professional training, capacity-building initiatives, industry events, and stakeholder engagement activities.
These initiatives will support the exchange of expertise and encourage wider adoption of digital technologies across the sector. They will also help build professional skills and promote collaboration among industry participants.
