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ISLAMIC BANKING | Staff Reporter, Malaysia

Malaysia, UAE partner to boost Islamic finance

Central banks sign an agreement to this effect.

Bank Negara Malaysia and the Central Bank of the United Arab Emirates have signed a memorandum of understanding to foster closer economic ties, including Islamic finance.

Both central banks are key supporters of the Malaysia-based International Islamic Liquidity Management Corporation, an institution tasked with addressing a shortage of interbank lending products for Islamic banks.

The MOU signals stronger cooperation between Malaysia and the UAE, which together held a combined US$181 billion in Sharia-compliant banking assets in 2011.

The global Islamic banking industry is expected to reach US$1.3 trillion by the end of 2013.

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