Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan / OJK) on Thursday signed a memorandum of understanding (MoU) with the Islamic Development Bank (IDB) to promote cooperation between the two institutions. The MoU was signed between OJK Chairman Dr. Muliaman D. Hadad and IDB Group Chairman, Dr. Ahmad Mohamed Ali.

The MoU aims at enhancing existing cooperation between OJK and IDB in the areas of research, training and advisory services, Islamic financial services, and exchange of expertise and knowledge with other Indonesian entities and private sector institutions, as well as establishing a special center of excellence for microfinance under OJK in Jakarta.

OJK Chairman Dr. Muliaman D. Hadad, referred to the event as a step in consolidation of the long standing partnership with IDB.

IDB Group Chairman, Dr. Ahmad Mohamed Ali, voiced appreciation over four decades of extensive cooperation between IDB and the Republic of Indonesia as a founding member. The IDB Group Chairman emphasized that cooperation with OJK will further pave the ground for materializing IDB’s top priority development programs in Indonesia.