Sunday 31st October, 2021     Dubai, U.A.E

The Centre for Islamic Finance, Compliance and Advice (CIFCA), has entered into a strategic Memorandum of Understanding (MoU) with Alhuda Centre of Islamic Banking and Economics (Alhuda-CIBE) based in Dubai U.A.E.

According to Mr. Aref, “this MoU is about Alhuda-CIBE agreeing to support CIFCA in all matters pertaining to Islamic Finance (Banking, Takaful, Sukuk, Capital Markets, Microfinances etc.) by providing awareness, training and advisory services in Tanzania and East Africa in general.


CIFCA Chairman , Mr. Aref Nahdi (Right) displays a signed MoU together with The Chief Executive Officer (CEO), Dr. Zubair Mughal during the signing ceremony of the MoU conducted at Dubai, U.A.E on Sunday (Photo by courtesy of CIFCA)

A part of the MoU states categorically “the provider shall offer Shari’ah Advisory services, Shari’ah Auditing, Shari’ah and Certification for Islamic Banking and Services in East for all products of Islamic Banking and Services inclusive of Takaful, Sukuk and Halal products

 The provider shall provide the above-mentioned services to; –

  • Islamic Banks 
  • Takaful Companies 
  • Islamic Financial Regulators 
  • Other Islamic financial institutions 

 Another area of cooperation in on capacity building to CIFCA by Alhuda-CIBE. The MoU states Capacity Building to CIFCA staff, resource persons and professionals working under it.

This development is very important for CIFCA since Alhuda-CIBE is an internationally renown Islamic financial institution with years of experience and vast knowledge.

Alhuda-CIBE operates Online Studies covering the whole world, thus CIFCA members and general public in Tanzania and East Africa are poised to benefit immensely from Alhuda-CIBE knowledge and experience in Islamic banking and finance industry.

This MoU shall stand for five (5) consecutive years and is subject for renewal after its expiry if the signatory parties wish to do so. CIFCA will also benefit from consultancy contracts/works that it will secure and work together with Alhuda-CIBE.