Malaysia and Saudi Arabia, the two largest Islamic financial services markets across the globe, have joined forces to develop Islamic financial services.
A cooperation agreement to this effect was signed by both the countries.
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Under the partnership, both the countries will share expertise and develop human resources covering equities, mutual funds and sukuk.
According to Oxford Business Group, the agreement between the bourses of Malaysia and Saudi Arabia stands to help the industry grow at a greater clip in both countries.
The value of Islamic banking assets in Malaysia and Saudi Arabia markets is jointly valued at around US$682 billion.
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By GlobalData
