The Malta Institute of Management and First Global Knowledge Centre of Sri Lanka have signed a Shariah-compliant agreement to collaborate in organising activities on Islamic finance in the Euro Med area.

Professionals have been kept updated on the prospects offered by Islamic finance through various workshops and events organised by MIM, particularly the five-day international workshops held last October.

MIM endeavours to continue to collaborate with foreign and local organisations on the options for enhancing the relevance and prospective operations of Islamic finance in Malta.

This latest agreement is another MIM effort to encourage financial institutions and the government to take advantage of this opportunity.

Following the organisation of various events and the presentation of various documents, the MIM felt it was time to contribute to overcoming one of the main hurdles for Islamic finance in the Mediterranean - human capital.

Through this agreement, MIM will continue to serve its mission to ensure Malta has the necessary management skills to tap into new economic realities. The agreement was signed at the Gulf Hotel in Bahrain after a year of discussion. MIM Training and Development Services Ltd chairman Reuben Buttigieg said this was another important milestone in the development of Islamic finance in Malta.

Mr Buttigieg said that the MIM was grateful to the Islamic Call Society for its constant support.

In Bahrain, Mr Buttigieg ad-dressed the World Islamic Banking Conference and highlighted the opportunities that Malta offers. There were many ensuing enquiries on the potential of Islamic finance in the Mediterranean which sees Malta as a conduit to various countries in the EU and North Africa.

The MIM is currently working on the organisation of a micro finance seminar.