Some of the world’s leading financial, accounting and legal institutions have signed an in-principle agreement to establish the World Islamic Finance Institute.

Based in Malta with a satellite office in Dubai, the world class institute aims to promote the cause of genuine Islamic finance globally, develop the infrastructure for Islamic finance by interacting with governments, agencies and regulators, hold and support conferences on relevant market issues and promulgate standardisation of governing principles.

WIFI shall endeavour to serve the industry by aiding in the development of best practices and standards in the Islamic finance industry and develop dialogue among member governments and market players.

WIFI is involved in developing dialogue in new Islamic finance markets like Libya, Tunisia and Egypt.

The WIFI founding statute was signed by Al Baraka Banking Group, Ernst & Young, Agha & Co, Kuveyt Turk Participation Bank, Erremme Business Advisors, Malta Institute of Management, and the Malta Union of Bank Employees. The formalities were finalised at the two-day Mediterranean Islamic Finance Conference at the Westin Dragonara Resort.

The statutes were later presented to President George Abela at a private ceremony.

Malta Institute of Management president Reuben Buttigieg has been named institute president, Bahrain’s Al Baraka Islamic Bank deputy general manager Tariq Kazim vice-president, and Oliver Agha, founding partner of the world’s first Shari’ah compliant firms, was appointed secretary general.