Makkah, (SONNA) — In a strategic move reflecting a forward-looking vision for the Islamic financial services sector, the General Council of Islamic Banks and Financial Institutions signed a Memorandum of Understanding (MoU) with the Makkah Chamber of Commerce. The agreement aims to strengthen sector growth and enhance its contribution to the real economy, in line with regional sustainable development priorities.
The MoU represents a shared commitment to launch a new phase of institutional cooperation focused on innovation, knowledge exchange, and human capacity building, thereby enhancing the competitiveness of Islamic finance and cementing its role as a key driver of inclusive economic growth.
The agreement sets a framework for collaboration in strategic areas, including institutional capacity development, investment promotion, and the design and implementation of joint initiatives to advance Islamic banking and broaden its economic impact. Both parties aim to respond to the sector’s rapid transformations and position Makkah as a hub for responsible finance and financial innovation globally, in partnership with the General Council of Islamic Banks and Financial Institutions.
The MoU was signed by Mr. Hamza Bawazeer, Secretary-General of the General Council of Islamic Banks and Financial Institutions, and Dr. Thamer Baazim, Secretary-General of the Makkah Chamber, at the Chamber’s headquarters in Makkah, with senior officials from both sides in attendance.
Commenting on the partnership, Mr. Hamza Bawazeer said:
“This MoU extends the Council’s efforts to build impactful strategic partnerships that strengthen the Islamic finance ecosystem and integrate it with vital economic sectors. By joining forces with the Makkah Chamber, we aim to empower innovation, enhance institutional readiness, and support initiatives that drive sustainable economic growth and long-term resilience.”
Dr. Thamer Baazim added:
“We are proud to collaborate with the General Council of Islamic Banks and Financial Institutions to develop the Islamic finance sector and strengthen the private sector’s role in sustainable development. This partnership marks an important step toward establishing Makkah as a leading center for investment, innovation, and responsible financial solutions, aligned with the Kingdom’s vision and objectives.”
