Riyadh, Kingdom of Saudi Arabia, 29 April 2024 - The Islamic Development Bank Institute (IsDBI) and the Central Bank of Mauritania signed an Islamic Finance Technical Assistance Agreement on 28 April 2024, on the sidelines of the IsDB Group Annual Meetings and Golden Jubilee in Riyadh, Kingdom of Saudi Arabia.

The deliverables and outputs of the grant are expected to lay the foundation and pave the way for an efficient, sustainable, and modern Islamic banking sector in Mauritania. The overall aim of the technical assistance is to support the country's socioeconomic development through an inclusive and resilient financial sector.

The grant agreement was signed by Dr. Sami Al-Suwailem, Acting Director General of the Institute, and H.E. Mohamed Lemine Dhehby, Governor of the Central Bank of Mauritania, who is also IsDB’s Alternate Governor for Mauritania.

Components of the IsDB Institute technical assistance will aim to enhance Mauritania’s Islamic banking regulatory and supervisory framework to enable an environment conducive to the growth, operations, and development of the Islamic banking industry.

This enhancement is in response to the challenges identified by the stakeholders in the mainstream growth and development of the Islamic banking industry in the country.

In his comments on the occasion, Dr. Sami Al-Suwailem stated: “The IsDB Institute is pleased and honored to support Mauritania in its aspirations to develop its Islamic banking industry. We stand ready as partners to support the country in achieving its overall economic development objectives through a resilient and inclusive Islamic financial sector.”