15 February 2026, Makkah, Kingdom of Saudi Arabia | The General Council for Islamic Banks and Financial Institutions (CIBAFI) has signed a Memorandum of Understanding (MoU) with the Makkah Chamber of Commerce, marking an important step toward supporting the growth of the Islamic financial services industry and enhancing its contribution to the real economy. The agreement reflects the shared commitment of both institutions to promote sustainable economic development through collaboration, innovation, and knowledge exchange.

The MoU establishes a general framework for cooperation in areas of mutual interest, including professional development, institutional capacity building, investment promotion, and joint initiatives that support the advancement of Islamic banking and economic activity. Through this partnership, both parties aim to respond to the evolving needs of the sector while reinforcing Makkah’s role as a hub for responsible finance and financial innovation.

The MoU was signed by Mr. Hamza K. Bawazir, Secretary General of CIBAFI, and Dr. Thamer A. Baazeem, Secretary General of the Makkah Chamber of Commerce.

Mr. Bawazir stated: “This MoU reinforces CIBAFI’s commitment to expanding impactful partnerships that strengthen the Islamic finance ecosystem. By joining efforts with the Makkah Chamber, we seek to enhance industry capacity, foster innovation, and support initiatives that contribute to sustainable economic growth and long-term resilience.”

Dr. Baazeem added: “We are pleased to collaborate with CIBAFI in promoting Islamic finance and empowering the private sector’s role in achieving sustainable development. This cooperation will support Makkah’s position as a centre for investment, innovation, and responsible financial solutions aligned with the Kingdom’s national priorities.”

This partnership reflects the shared vision of CIBAFI and the Makkah Chamber to advance Islamic finance as a driver of inclusive prosperity and sustainable economic development.