/24-7PressRelease/ - CHATHAM, KENT, UK, September 15, 2008 - The Academy for International Modern Studies (AIMS), a Catham based Islamic Banking and Finance Institution has signed a Memorandum of Understanding (MOU) with Green Oasis Associates Ltd (GOAL), a Nigerian registered Islamic Banking and Finance service provider based in Zaria, Kaduna State of Nigeria to mutually partner to offer consultancy and training services in the Islamic Banking and finance Sector Africa.
According to the MOU which was signed on the 3rd of September, the two institutions mutually agree to work together to develop or restructure products for both conventional, commercial, investment or microfinance banks who want to establish Islamic Banking Divisions and Islamic branches and full-fledged Islamic commercial/investment/ microfinance banks which either have obtained license from the CBN or going to obtain the same, covering all asset and liability side products ranging from consumer to corporate and commercial based on combination of Ijarah (Lease) Mudaraba (Profit Sharing), Musharaka (Joint Ventureship), Murabaha (Cost-Plus), Musawamma( Lump Sum Financing), Kafalah (Guarantee), and Istisna'(Manufacturing Contract).
The two institutions will carry out research and development, provide on the job - training, audit and rating functions, provide Shari'ah training and closely liaise with clients, lawyers, bankers and investors on an end-to-end basis, from the initial concept through to the completion of transaction structure and documentation, in a fully Shari'ah-compliant manner.
In their efforts to promote Islamic banking and finance in the continent, the Academy for International Modern Studies (AIMS) and Green Oasis Associates Ltd (GOAL) are to jointly offer corporate training, workshops, seminars, conferences and courses for banks and other corporate financial institutions and in Africa.
The two institutions will also offer consultancy services to Central Banks of African countries to establish a regulatory system for Islamic banking operations in their respective countries. Services to offer in this area may include the establishment of a new system of regulatory and supervisory framework with its prudential rules and regulations; training of concerned Central Banks staff and the establishment of a research and training center for Islamic banking regulations and supervision, rating and feasibility studies institutions as the main infrastructures of the new system.
Islamic banking is already fast gaining prominence among the global financial institutions, especially in the backdrop of the banking sector woes which have recently impacted the markets of many European countries. With a predominant Muslim population of 490.92 million (2006est) and an annual population growth rate of 2.5 percent, Africa holds a promising growth opportunity for Islamic finance institutions, whose asset base globally is expected to more than triple to $1 trillion by 2016, if given favorable regulatory conditions. Given the large proportion of Muslims who have no access to banking services due to the Islamic prohibition of interest-bearing banking transactions, the demand for Islamic banking and finance services by Muslims will be enormous if there is increased and appropriate awareness among Muslims and Africa as a whole, and no doubt, Africa represents a significant market for Islamic banking institutions.
Academy for International Modern Studies (AIMS), whose main objective is to facilitate individuals to become expert Islamic finance professionals and companies to establish better Islamic financial system has made a significant contribution in Islamic Finance Industry. Over the years it has maintained a purposeful mission of promoting industry professionalism and best practices in Islamic Banking and Finance industry through research, consultancy, corporate trainings, seminars, workshops and publications. AIMS also offers several certifications in Islamic Finance, Islamic Banking and Islamic Insurance.
Green Oasis Associates Ltd (GOAL) is a leading provider of high quality consultancy and training services for Africa's regeneration, development and the social economy sector has played a pioneering role in the promotion and development of Islamic banking and economics in Africa, particularly in Nigeria and Ghana.
About AIMS - Islamic Banking & Finance
AIMS (UK) is an specialized organization in Training (distance learning, workshops, corporate training and seminars) and Conlsultancy services (Islamic finance product development, vetting, auditing, etc) in the areas of Islamic Banking, Islamic Finance and Takaful. AIMS has partner offices is several parts of the world.
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