International cooperation is a powerful lever for the development of the higher education system, designed to achieve a high level that meets the needs of today, which equalizes the level of national educational systems and prepares qualified personnel for the national economy. The Islamic Finance sector is currently one of the most dynamically growing and popular financial sectors.

During the visit of the delegation of Republican graduate school of business and management (hereinafter – Graduate school) led by the Director of the Dr. Abduraupov Rustam Ramzovich in Malaysia, 28 February 2020, a meeting was held with the management of Global Institute of Islamic Finance (hereinafter – INCEIF).

The meeting was held with the direct participation of the Ambassador Еxtraordinary and Plenipotentiary of the Republic of Uzbekistan to Malaysia – Ravshan Usmanov, which became the next step in implementing and strengthening international cooperation in the field of education.

During the meeting, they discussed promising areas and mechanisms of cooperation between the two organizations in the field of Islamic Finance related to capacity development and promotion of awareness in the field of the Islamic financial industry, which ended with the signing of a Memorandum of understanding.

The Memorandum aims to strengthen the efforts of the Graduate school and INCEIF in promoting information exchange, research, development, training and education in the Islamic financial services industry. This includes the joint development of a double-degree master's program in digital transformation in Islamic banking and Finance, the development of short-term courses for managers and exchange programs in related fields, in particular financial technologies in banking and Finance, the organization of a joint international conference on digital Islamic Finance in Uzbekistan and other industry events.

The Memorandum will serve to strengthen bilateral relations, as well as create a legal basis for effective cooperation in the field of education between institutions of the two countries.

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INCEIF was established in 2005 under the Central Bank of Malaysia and is part of Malaysia's initiatives to develop education in Islamic Finance, both for the domestic and international financial community. This educational institution is in the top 5% of the best business schools in the world, which has a prestigious international accreditation AACSB.

Today, INCEIF is the only global University in the world whose educational programs are mainly aimed at studying Islamic Finance and has more than 1,500 graduates from more than 80 countries.