Cash And Trade Magazine For Cash and Trade professionals in the Middle East
The central banks of Malaysia and the United Arab Emirates have signed a pact to foster closer economic ties between the two countries, including those in the area of Islamic finance.
The agreement signals stronger co-operation between the two financial hubs, which held a combined $181bn in Sharia-compliant banking assets as of 2011, despite growing competition for a share of Islamic business.
Governors of both central banks signed the memorandum of understanding on the sidelines of the International Monetary Fund and World Bank annual meetings in Washington.
