IRTI Signs MoU with Maalem Financing to Develop Solutions for Financial Institutions in KSA

IRTI
IRTI Acting Director General, Dr. Sami Al-Suwailem, right, with Dr. Saleh A. Al Sayari, Chief Executive Officer and Managing Director of Maalem Financing.

The Islamic Research and Training Institute (IRTI) and Maalem Financing Company have signed a memorandum of understanding to collaborate in developing innovative products for non-bank financial institutions and the Islamic financing sector in the Kingdom of Saudi Arabia.

IRTI is a member of the Islamic Development Bank (IsDB) Group responsible for knowledge creation and dissemination in Islamic economics and finance, and fostering the use of Islamic finance to contribute to the sustainable development of IsDB member countries. Maalem Financing is a Saudi-based SME and retail financing company operating on shariah principles, offering services aimed to enhance the quality of life of individuals, empower SMEs, and enable coorporates to develop their businesses.

The MoU, signed on 14 February 2019, is to facilitate collaboration between IRTI and Maalem Financing in various areas of mutual interest, including products development and enhancing financial technology (fintech) presence in non-bank financial institutions and the Islamic financing sector in the kingdom.

Acting Director General of IRTI, Dr. Sami Al-Suwailem, and Dr. Saleh A. Al Sayari, Chief Executive Officer and Managing Director of Maalem Financing, signed the MoU on behalf of their respective institutions.

About IRTI:

The Islamic Research and Training Institute (IRTI) is a Member of the Islamic Development Bank (IsDB) Group responsible for knowledge creation and dissemination in Islamic economics and finance, and fostering the use of Islamic finance to contribute to the sustainable development of IsDB member countries. More information about IRTI is available on www.irti.org. For enquiries about IRTI, please contact Habeeb Idris Pindiga (hpindiga@isdb.org).

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