The MoU anticipates the presence of Malaysian institutions formalises arrangements for regulatory cooperation and establishes a framework for the exchange of information and regular dialogue between both regulators.
Wednesday 05, December 2018 BY KUDAKWASHE MUZORIWA
The Dubai Financial Services Authority (DFSA) has entered into a MoU with Bank Negara Malaysia (BNM) to cooperate in the authorisation and supervision of banks and insurers operating in both markets.
Bryan Stirewalt, the Chief Executive of the DFSA, said that the MoU builds upon our strategic goal of ensuring continued international engagement and strengthening our regulatory ties.
In a statement, the DFSA stated that the collaboration anticipates the presence of Malaysian institutions including those offering Islamic finance, in the Dubai International Financial Centre (DIFC).
“The signing of the MoU with Bank Negara Malaysia underscores our shared commitment to maintaining the highest standards of supervision and the joint promotion of a stable financial services sector in our respective jurisdictions,” added Stirewalt.