The Islamic Research and Training Institute (IRTI) and Maalem Financing Company (MFC) 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. MFC 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 is to facilitate collaboration between IRTI and MFC 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 Office and Managing Director of MFC, signed the MOU on behalf of their respective institutions.